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.
By Geoffrey Ho
Former BHS owner Dominic Chappell has lost the appeal against his section 72 conviction and sentence for failing to hand over information to The Pensions Regulator (TPR).
This week's top stories include Marsh and McLennan Companies agreeing to buy JLT, and the home secretary calling for AE to be scrapped in a no-deal Brexit scenario.
Lesley Titcomb says the watchdog wants closer interactions with pension funds to spot problems sooner and act before having to use its more stringent powers
The Pension Protection Fund (PPF) is consulting on proposals to charge a "risk reflective" levy for commercial defined benefit (DB) consolidation vehicles.