Oklahoma Tobacco Settlement Endowment Trust, Oklahoma City, hired Grantham Mayo van Otterloo and Pacific Investment Management Co. as its first global tactical asset allocation managers, said Lisa Murray, chief investment officer at the Oklahoma state treasurer's office, which oversees the trust.
The managers will run $30 million to $35 million each.
Funding is coming from fixed income with no terminations, Ms. Murray said.
The $891 million trust has a 9% target allocation to GTAA. The other finalist was Standard Life Investments.
Investment consultant NEPC assisted.
