The Oklahoma Firefighters Pension & Retirement System, Oklahoma City, will terminate its $116 million investment in J.P. Morgan's JPMCB Strategic Property Fund, according to Troy Brown, executive director at AndCo Consulting, the system's investment consultant.
The decision to terminate the open-ended, core comingled real estate pension trust fund managed by J.P. Morgan Asset Management was made at a board meeting on Friday, Mr. Brown said.
The board voted to terminate the fund due to performance issues as well as Oklahoma Firefighters' overweight position in real estate. As of April 30, the $3.3 billion retirement system had 12% allocated to real estate. Its target allocation is 10%.
J.P. Morgan is among 13 financial firms that Oklahoma pension funds can no longer do business with because they factor environmental, social and governance issues into their investment decision-making and were said to be "boycotting fossil fuel companies." Oklahoma Treasurer Todd Russ issued the boycott list on May 3.
J.P. Morgan did not immediately return a request for comment.
