Oklahoma Municipal Retirement Fund, Oklahoma City, terminated Baring Asset Management as an active international growth equity manager, said Jodi Cox, executive director and CEO.
The board’s decision was related to a possible restructuring of the international equity portfolio, Ms. Cox wrote in an e-mail.
Barings oversaw about $26 million in a separate account for OMRF’s defined benefit plan and about $7.5 million for its 401(a) defined contribution plan. The termination was for both funds.
The defined benefit and defined contribution plans have about $474 million and $280 million, respectively, in assets.
Where the assets will be moved has not been finalized. The board is weighing the benefits of active vs. passive management and considering adding a dedicated allocation to emerging markets within the international equity portfolio, Ms. Cox wrote.
If the board decides to create that allocation, a search for an emerging markets manager could be conducted by OMRF’s investment consultant Asset Consulting Group within the next couple of months, Ms. Cox wrote. All inquiries should be directed to Asset Consulting Group; OMRF does not want to be contacted directly.