Oklahoma Teachers' Retirement System, Oklahoma City, named BNY Mellon Investment Management and Northern Trust Global Investments as finalists in its search for a passive international large-cap equity manager to run $400 million to $450 million, said James Wilbanks, executive director.
Mr. Wilbanks said the board gave staff approval to hire the firm with the best fee offer. The $12.3 billion pension fund is in final negotiations with both managers and a final hiring decision is expected by the end of next week.
An RFP was issued in July. Funding is coming from the previous termination of a $400 million active international equity portfolio managed by Brandes Investment Partners.
