The $556.1m Oklahoma Municipal Retirement Fund is redeeming its investment in a Kingdon Capital Management long/short equity fund following some staff departures at the hedge fund firm.

Trustees for the pension fund voted unanimously at their meeting on 20 December to follow the recommendation of consultant Asset Consulting Group (ACG) and liquidate the Kingdon Associates series of its hedge fund portfolio. The size of the mandate was not disclosed.

ACG recommended the liquidation due to what it termed “organisational changes” within Kingdon Associates.

In December, Kingdon CIO Michael Mackey, credit head Michael Pohly and consumer business head Patricia O’Donald departed the $1.2bn firm, which is led by founder Mark Kingdon, according to reports at the time.

Kingdon said investors would have the opportunity to redeem assets at the end of January. Oklahoma’s redemption was put in on 31 January.

Oklahoma had an alternatives portfolio valued at $47.4m as of 30 June, 2018. That portfolio was split between two feeder funds, one run by K2 Advisors and one run by Conway Investment Research (formerly Guggenheim Onshore Access Fund). The Kingdon Associates fund was part of the $27.2m K2 feeder, K2 Mauna Kea, which the FoHF launched for ACG clients last year.

Oklahoma Muni redeems from Kingdon Associates on HFM InvestHedge.