Oklahoma Firefighters Pension and Retirement System, Oklahoma City, hired active domestic small-cap value manager New York Life Investment Management and active domestic small-to-midcap value manager EARNEST Partners to run just less than $50 million each, said Robert Jones, director. Officials of the $1.4 billion plan selected the managers at a meeting Friday. Mr. Jones said the hirings are subject to final contracts.
Partial funding will come from terminated manager Systematic Financial Management, which ran about $46 million in active domestic small-cap value equities, for performance, Mr. Jones said. Systematic had been on watch since late last year, he said. Kenneth Burgess, Systematic portfolio manager, did not return a call by press time seeking comment.
The remainder of the funding for the new managers will come from the plan's other previous small-cap value manager, Banc One Investment Advisors, which had run $49 million. Plan officials in January terminated Banc One because of uncertainty about the future of the investment team after parent Bank One's merger with JPMorgan Chase. The money has been parked in a Russell 2000 Value index fund managed by State Street Global Advisors.
Plan officials issued an RFP in the first quarter. Asset Consulting Group assisted.