Trustees of the Oklahoma City Employee Retirement System on Nov. 14 approved a motion to terminate holdings with Brandywine and Western Asset and to reallocate the proceeds to the Amundi Pioneer multi‑sector fixed‑income strategy.

Jason (staff) told the board the recommendation followed “turnover at Western and some regulatory issues” and proposed consolidating the current multi‑manager sleeve into a single multi‑sector manager. “Amundi Pioneer is a multi sector, fixed income manager that, really covers the gamut in a more dynamic, way,” Jason said during the presentation.

Amundi presenters described their process and team. “I’m Katie Worthington. I’m a relationship manager at Amundi, and I would be the primary point of contact for the retirement system,” Worthington said. Jonathan Scott, the firm’s portfolio manager for the strategy, described a team‑based security‑selection approach and said the strategy emphasizes US‑centric credit exposure while retaining flexibility to pursue securitized and selected high‑yield opportunities.

Staff presented comparative performance and risk metrics showing the Amundi Pioneer strategy outperformed the blended legacy managers on 1‑, 3‑, 5‑ and 10‑year bases in the materials shown to trustees and argued the strategy demonstrated lower or similar volatility and stronger down‑capture during 2022. Staff also noted negotiated fee terms in a proposed collective investment trust vehicle.

Chair entertained a motion to “authorize termination of Brandywine and Western Asset holdings in order to reallocate the proceeds to Amundi.” The motion received a second and the chair announced the item approved. The transcript records motions, seconds and that items were approved but does not include a named vote tally.

The board also approved, in a separate item, authorization for the chair to sign participation agreements and related pickup language for certain city plans after city council approval; staff said this is a restatement of plan documents and standard pick‑up language for pretax employee contributions.

Next steps indicated in the meeting materials include implementing the termination and reallocation and executing the collective investment trust documentation and participation agreements; staff said contracts and operational details will follow, and the documents will be submitted to city council where required.