Oklahoma Firefighters Pension & Retirement System, Oklahoma City, hired Northern Trust to replace State Street as its custodian, passive manager and securities lending manager, according to Troy Brown, executive director at AndCo Consulting, the pension fund's investment consultant.
The hiring decision was made at a board meeting Sept. 15, following a request for proposals issued in June, Mr. Brown said.
State Street, which oversaw four equity index funds holding $486 million in assets, is among six firms banned by Oklahoma Treasurer Todd Russ from doing business with the state for allegedly boycotting oil and gas companies.
While State Street is on Russ' blacklist, the search for a new provider was prompted by the fact that the $3.3 billion pension fund had not issued an RFP since 2010.
"It was time to check the market," Mr. Brown said.
The four equity index funds State Street managed were SSGA S&P 500, SSGA Russell Small Cap Completeness, SSGA MSCI ACWI ex-U.S. and SSGA Bloomberg U.S. Aggregate Bond.
State Street did not respond to a request for comment.