Oklahoma Law Enforcement Retirement System, Oklahoma City, hired Northern Trust to run $100 million in a Lehman Aggregate bond index fund, said Lawrence F. McCullock, executive director. Funding came from terminating Munder Capital, which ran the money in active domestic fixed income; trustees for the $595 million plan liked the lower fees of passive management and felt that active management was not adding sufficient value, Mr. McCullock said.
Separately, the plan is conducting a shortlist search for a private equity fund of funds to run $8 million to $10 million, Mr. McCullock said. The new manager would help the system reach its target private equity allocation of 3% of total assets; AMR Investment Services already runs $8 million for the system in its American Private Equity fund of funds, he said. No deadline has been set for completing the search.
The plan's remaining asset allocation is 50% domestic equity, 30% fixed income, 10% international equity and 7% real estate. Asset Consulting Group is consultant.