Oklahoma Teachers' Retirement System, Oklahoma City, hired Northern Trust Asset Management to run about $990 million in passive domestic midcap core equities, said Tom Spencer, executive director, in an email.
The $17.7 billion pension fund's board at its Jan. 22 meeting voted to move half of its domestic midcap equity portfolio to passive assets, Mr. Spencer said.
As a result, active domestic midcap core equity managers Frontier Capital Management, which ran $530 million, and AJO, which ran $460 million, were terminated.
Mr. Spencer said the terminations were due to the decision to restructure the midcap portfolios and not performance.
The other two managers, which will continue to run active portfolios, are Wellington Management, which runs about $565 million in growth, and Hotchkis & Wiley, which runs about $395 million in value.