Oklahoma Law Enforcement Retirement System, Oklahoma City, is searching for an international growth equity manager and an emerging markets equity manager to each run $30 million to $40 million, confirmed Ginger Poplin, executive director of the $670 million system.
The selected emerging markets equity manager will be the system’s first dedicated to the asset class.
The system approved adding a new 5% allocation to emerging markets equity asset class in August for diversification and to provide “a little more global exposure,” Ms. Poplin said in a telephone interview. Funding will come from changes to its asset allocation.
She said the international growth equity manager search will be funded with overweight positions in the asset class.
The new allocation to emerging markets is not the first diversification move by the retirement system. Since the beginning of 2011, the system has reduced both its domestic large-cap equities allocation and its domestic small-cap equities allocation by 5 percentage points each to 20% and 10%, respectively. It also reduced its domestic fixed-income allocation to 20% from 30% and created a 10% allocation to global fixed income, increased its private equity allocation to 5% from 2% and established a 3% allocation to commodities.
Both RFPs are available on OLERS website. Responses are due by 4 p.m. CDT Oct. 14. A selection is expected in early 2012.
Asset Consulting Group is assisting.
