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Scranton, Pa., hires PFM Asset Management as manager for 3 pension funds

Scranton, Pa., hired PFM Asset Management as pension fund manager and trustee for its three city pension funds, which have a combined $52 million in assets, confirmed city business administrator David Bulzoni.

An RFP was issued in May because the police, fire and civilian worker pension funds’ contract with its incumbent fund manager and trustee, Bank of New York Mellon (BK), was set to expire.

BNY Mellon did not rebid but was retained as custodian, since PFM does not provide custody services, Mr. Bulzoni said.

Morgan Stanley (MS), SEI, Peirce Park Group and Community Bank were the other finalists.