US - Metropolitan West (MetWest) has won a $485m US core plus fixed income mandate from the $5bn Oklahoma Public Employees Retirement System (OPERS).
Kirk Stebbins, OPERS chief investment officer, said that MetWest was selected from a shortlist of three, the other two managers being Pimco and Western Asset Management. He added that funding for MetWest's mandate would come from the previous manager, Back Bay Advisors.
Under Oklahoma state law, the fund is required to put mandates out to tender once managers reach the end of their contracts. Stebbins said that Back Bay were invited to reapply for the mandate, but were unsuccessful with their application. MetWest was awarded the mandate as they were a better fit with the fund, he said.
*Established in 1964, OPERS provides retirement and death benefits to the state's employees. Currently, OPERS provides approximately $150m annually in retirement, disability and death benefits to more than 19, 000 retired members or their beneficiaries. In addition to the administration of benefits to its retired members, OPERS also serves about 44,000 actively employed members.
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