Oklahoma Firefighters Pension and Retirement System, Oklahoma City, rehired State Street Global Advisors to run about $404 million in four index funds and State Street Bank as the $1.6 billion system’s master custodian, confirmed Robert Jones, the system’s executive director.
SSgA manages $114 million in a Barclays Capital Aggregate Bond index fund; $104 million in an Equal Weighted S&P 500 index fund; $95 million in the Barclays Capital Intermediate Aggregate Bond index fund; and $91 million in an S&P 500 Cap Weighted Equity index fund.
He said the system launched a search in February for both index manager and custodian to see what was available in the market.
Also, the board named active domestic growth managers Lord Abbett and TCW Asset Management as finalists in the system’s search for a manager to run small-cap equities, and Delaware Investments and Century Capital Management as finalists to run smidcap stocks. The portfolio holds up to $105 million in small caps, smidcaps or a combination of the two.
A decision on the manager and the investment style is expected in January or February, Mr. Jones said in a telephone interview.
Funding will come from the current small-cap growth manager Waddell & Reed Investment Management, Mr. Jones wrote in an e-mailed response to questions.
“Waddell & Reed participated in the search and was one of the nine initial finalists for the small-cap growth portion of the search,” Mr. Jones wrote. “They fell out of consideration because the board decided to move away from GARP (growth at a reasonable price) toward greater volatility. The search was started because Mark Seferovich (a former senior vice president at Waddell & Reed), the portfolio manager, retired.”