Oklahoma Municipal Retirement Fund, Oklahoma City, hired T. Rowe Price Group as an underlying manager for its white-label domestic equity investment option in the retirement fund's $391 million 401(a) plan.
The retirement fund's board approved adding the T. Rowe Price Large Cap Growth Fund to replace the Fred Alger Capital Appreciation Fund as an underlying manager in the DC plan's Growth and Value Fund at its March 26 meeting, said Katie Girardi, retirement plan administrator.
Investment consultant Asset Consulting Group recommended terminating Fred Alger due to the departure of a portfolio manager, minutes said.
As of March 31, the Growth and Value Fund had $26 million in assets.
The board also oversees the retirement fund's $716 million defined benefit plan.
