Oklahoma Firefighters Pension & Retirement System, Oklahoma City, hired Permal Group and Allianz Global Investors as a hedge fund-of-funds manager and global tactical asset allocation manager, respectively, said Troy Brown, director of consulting at The Bogdahn Group, investment consultant to the $2.3 billion Bogdahn Group, investment consultant to the $2.3 billion pension fund.
Permal Group will manage $75 million in a customized hedge fund-of-funds portfolio, and Allianz will run $50 million in GTAA.
The Permal Group portfolio's structure is expected to be finalized over the next month.
An RFP for a hedge fund-of-funds or GTAA manager was issued in September. Funding will come from rebalancing with no terminations.
The new allocations will bring the pension fund up to its 8% target allocation to “other assets,” which includes private equity and diversified hedge funds.