Oklahoma Firefighters Pensions & Retirement System, Oklahoma City, named three finalists in its search for a large-cap value domestic equity manager to run about $100 million, according to Troy Brown, executive director at AndCo Consulting.
The retirement system's board Friday selected J.P. Morgan Asset Management, Brandywine Asset Management and Aristotle Capital Management as finalists from a field of 65 candidates that responded to the fund's open request for proposals. The 65 initial candidates were narrowed to 11 preliminary finalists based on a variety of quantitative metrics, such as Sharpe ratios and 10-year track records, Timothy Nash, a senior consultant with AndCo, said during a meeting of the investment committee on Thursday.
The $2.7 billion pension fund is looking to potentially replace AJO, one of the incumbent managers of a large-cap value portfolio, over performance concerns, Mr. Brown said. AJO submitted a proposal and was included in the list of potential finalists.
The board has not decided whether to terminate and replace AJO, Mr. Brown said.
AJO has worked with the Oklahoma firefighters' pension and AndCo "for a good long time," Theodore Aronson, a principal at AJO, said in an email, adding that he appreciated being invited to defend the firm in the RFP process.
"All of us are known for candor and reasonableness," he said.
The pension fund is looking to interview the three finalists virtually prior to the board's next meeting on June 19, but the dates of those interviews are still to be determined, according to Mr. Brown. The date for the final selection will depend on the scheduling of the interviews and any investment committee recommendation that comes out of those interviews.