Oklahoma Teachers' Retirement System, Oklahoma City, terminated Thornburg Investment Management from a $485 million international value equity portfolio, said Tom Spencer, interim executive director, in an e-mail.
The upcoming departure of a key portfolio manager was provided as a reason for the termination. Thornburg was put on alert for performance at the end of 2013. Tom Pinto, spokesman for Thornburg, declined to comment. As of June 30, the pension fund had a 16.6% allocation to international equity and a 17.5% target.
Mr. Spencer did not say where the assets will be transferred.Separately, the pension fund named five finalists in its search for a real estate manager, Mr. Spencer wrote. The finalists, which have been asked to make presentations to the full board, are Antheus Capital, Landmark Real Estate Advisors, Starwood Capital Group, Dune Real Estate Partners and GreenOak Real Estate. Depending on the outcome of due diligence with American Realty Advisors, the firm also might be asked to present to the full board.
The size of the allocation could not be learned by press time.
Last year, the $14.1 billion pension fund increased its overall target for real estate to 7% from 5%.
Finally, the pension fund returned 4.9% for the quarter ended June 30, wrote Mr. Spencer.