Oklahoma Public Employees Retirement System, Oklahoma City, allocated $49 million to Vanguard Group's Selected Value Fund for the system's two defined contribution plans, the $1 billion voluntary plan SoonerSave and the $34 million mandatory plan for state employees, Pathfinder, said Joseph A. Fox, executive director of the $9.2 billion system, in an email.
Funding will come from Artisan Partners (APAM)' midcap value fund, which the board decided to terminate "due to Artisan's challenged performance over annualized periods and relatively high fee," said Mr. Fox. An Artisan spokesman could not be reached immediately for comment.
No RFP was issued for the search; Verus, the system's investment consultant, assisted in selecting Vanguard.
Also at its July 19 meeting, the board removed the Columbia Acorn Fund from the watch list of the two DC plans. The Acorn Fund was removed from watch because of improved performance in conjunction with changes to the portfolio management team.