Oklahoma Firefighters Pension & Retirement System, Oklahoma City, hired Garcia Hamilton & Associates and Orleans Capital Management to run $50 million and $25 million, respectively, in active core fixed income, said Troy Brown, director of consulting at The Bogdahn Group, consultant to the $2.1 billion pension fund.
Funding will come from reducing the pension fund's passive fixed-income portfolio; no managers will be terminated, said Mr. Brown.
An RFP was issued in January because the board wanted to find an active manager to complement the passive allocation.
Other finalists were MacKay Shields and Ziegler Capital Management.
Separately, the pension fund terminated Thornburg Investment Management from its $100 million international equity portfolio, said Mr. Brown.
The termination was the result of “internal shifts coupled with weak performance,” said Mr. Brown.
“We have been fortunate to work with Oklahoma Firefighters Pension and their consultant team over the past decade. We think highly of the staff and respect the decision of the board to adjust their allocation to meet the overall needs of their portfolio,” said Peter Trevisani, managing director of Thornburg Investment Management, in an e-mail.
Assets from the Thornburg termination will be split between the pension fund’s two other active international managers, Chautauqua Capital Management and WCM Investment Management, said Mr. Brown.