Oklahoma Firefighters Pension & Retirement System, Oklahoma City, terminated Herndon Capital Management as an active domestic large-cap value equity manager, said Robert Jones, executive director.
The $2.3 billion fund disagreed with the manager's decision to maintain an overweight to energy and decided to move the money, Mr. Jones said. Discussions on how the approximately $75 million will be reallocated are preliminary. However, a draft RFP for a domestic large-cap value equity manager could be presented at the September board meeting, he said.
A Herndon official could not immediately provide a comment.