Pension Funds

Philadelphia Gas Works seeks corporate high-yield fixed-income manager

Updated with correction

Philadelphia Gas Works Retirement Reserve is searching for a corporate high-yield fixed-income manager to run an as-yet-undetermined amount for the $525 million pension fund.

There is no incumbent. The search is being driven by the most recently approved asset allocation, said Christopher DiFusco, chief investment officer for the Philadelphia Sinking Fund Commission and trustee for the pension fund.

Separate accounts, mutual funds and commingled pools will be considered, according to an RFP.

The pension fund's allocation is about 67% foreign and domestic equities, and 33% domestic fixed income and cash.

The RFP is available on the city's procurement website. Proposals are due by 5 p.m. EDT July 31. The board intends to make a selection by the end of the year.