Oklahoma Teachers' Retirement System, Oklahoma City, will issue three RFPs in early September for active domestic small-cap equity managers to run a total of $500 million, said James Wilbanks, executive director.
The RFPs will be for core, value and growth strategies. The $10.3 billion pension fund plans to hire two to five managers and will not necessarily hire one for each style, Mr. Wilbanks said in a telephone interview.
Funding will come from the termination in June of Tocqueville Asset Management, which managed about $400 million in small-cap value equity. The rest will come from rebalancing.
Separately, the plan placed Wellington Management “on alert” for performance, through December. Managers can also be placed “on notice,” which is the last step before termination. Wellington managed about $275 million in domestic midcap growth equity as of July 31. Wellington spokeswoman Sara Lou Sherman said the firm does not comment on client matters.