Oklahoma Police Pension & Retirement System, Oklahoma City, hired Wellington Management as its first liquid absolute-return manager, said Steven Snyder, executive director and chief investment officer.
An allocation size has not been determined. The targeted allocation in the search was for between $50 million and $75 million. Funding will come from a reduction to existing illiquid absolute-return manager Pacific Alternative Asset Management Co., which managed $160.5 million as of July 31.
An RFP was issued in April. The other finalist was BlackRock.
The $2.5 billion pension fund has a 10% absolute-return target.