Oklahoma Tobacco Settlement Endowment Trust, Oklahoma City, will reissue an RFP for its first global tactical asset allocation managers to run a total of $60 million to $70 million, said Lisa Murray, chief investment officer at the Oklahoma state treasurer’s office, which oversees the trust.
Investment consultant NEPC did not receive as many proposals as originally anticipated because ETFs and commingled funds were not allowed in the RFP, Ms. Murray said. The $878 million endowment changed its investment policy so tobacco-free investments do not apply to underlying holdings in commingled funds.
A date has not been determined for reissuing the RFP, Ms. Murray said. It will be posted on NEPC’s website. The original RFP was issued in October.
Separately, the board approved transitioning a $109 million core fixed-income portfolio managed by Reams Asset Management to an unconstrained fixed-income strategy, which will still be managed by Reams.
Also, the endowment returned 12.9% for the year ended Dec. 31, just below the policy index of 13%.
