Oklahoma Police Pension & Retirement System, Oklahoma City, terminated one global long/short equity hedge fund manager and reinvested in another, said Steven Snyder, executive director and chief investment officer.
At its meeting Monday, the board of the $2.2 billion pension fund voted to redeem its position in Sheffield International Partners, managed by Sheffield Asset Management. The pension plan has more than $11 million invested in the hedge fund. Mr. Snyder did not disclose the reason for the termination. Mr. Snyder said the fund will keep the $11 million in cash for possible follow-on investments with current managers or a new manager selected by the board later this year.
The board also agreed to allocate an additional $5 million to a hedge fund managed by Southpoint Capital Advisors. The pension fund originally invested $7.5 million in the Southpoint fund in 2013. Funding for the Southpoint allocation will come from cash, Mr. Snyder said.