Oklahoma Teachers Retirement System, Oklahoma City, placed active domestic large-cap growth equity manager Goldman Sachs Asset Management on notice because of performance and personnel issues and Aletheia Research and Management on notice because of personnel issues, according to James R. Wilbanks, executive secretary of the $7 billion plan.
The systems on notice status requires a 90-day review period that can result in termination, Mr. Wilbanks said. A lesser watch status, on alert, triggers a six-month review before a manager is moved to on notice or cleared from watch.
Goldman Sachs, which runs $267 million, was put on alert in March for personnel departures and performance, Mr. Wilbanks said. The action to raise the status to on notice was tied to a managing director and portfolio manager that left the firm, he said.
Mr. Wilbanks noted that personnel changes automatically put a firm on alert.
Aletheia, which runs $185 million, has been on alert since November because of staff departures from the firm, Mr. Wilbanks said. Its not just a matter of policy, Mr. Wilbanks said. We are putting them on notice specifically for personnel, but we are looking at performance as well, saying the system is monitoring how the personnel changes could affect future performance.
Representatives at Goldman Sachs and Aletheia declined to comment.
Separately, Aldus, the systems private equity fund-of-funds manager, was placed on alert for personnel issues. The firm, which runs $6.9 million, was not placed on alert for performance issues.