Oklahoma Tobacco Settlement Endowment Trust, Oklahoma City, hired Tortoise Capital Advisors to manage $55 million in a master limited partnership, said Tim Allen, spokesman for the Oklahoma state treasurer's office, which oversees the trust.
NEPC, investment consultant to the $1 billion trust, assisted with the search.
Funding will come from the dynamic fixed-income allocation, which is being reduced to a target of 4% from a target of 8%, Mr. Allen said. No dynamic fixed-income managers are being terminated.
The RFP was originally issued in April. The trust currently has no exposure to MLPs.
Salient Partners was the other finalist.