Philadelphia Board of Pensions selects Northern Trust for passive international equity

Philadelphia Board of Pensions and Retirement hired Northern Trust to run $125 million in passive international equity strategies, said Christopher R. DiFusco, chief investment officer for $4.3 billion pension fund.

The board is looking for Northern Trust to manage strategies benchmarked to the following indexes: MSCI ACWI ex-U.S. large cap; MSCI ACWI ex-U.S. small cap; and MSCI EAFE small cap.

There are no incumbent managers for this allocation. A funding source has yet to be determined, Mr. DiFusco said.

An RFP was issued in February.