The Philadelphia Municipal Pension Fund has put two money managers on its ``watch'' list. Dreyfus Management, a top-performing small-cap stock manager, was put on the list because of the recent death of Tom Frank, a senior portfolio manager, whose responsibilities have been taken over by Paul Kandel, senior sector manager. Also, emerging markets manager Montgomery Asset Management was added to the list because portfolio manager Tom Haslett left to join Putnam.
Also, the $2.8 billion fund terminated Newbold's Asset Management, a large-cap manager, because of performance, said David A. Volpe, first deputy controller for the city, and a fund trustee. F. Jeffrey Van Orden, senior vice president at Newbold's, declined to discuss the matter. David Jennings, president, didn't return phone calls by press time.
Staff at CalPERS, the $103 billion California Public Employees' Retirement System in Sacramento, will ask trustees next week to approve an RFP for one or more alternative investment consultants for the fund's more than $2 billion alternative investment program. If approved, the RFP is expected to be issued in January, with interviews in March. Finalists would be picked in April and a selection made in July.
Incumbents are Pacific Corporate Group, for alternative investments and private equity, and Hamilton Lane Advisors, for alternative emerging investments. Their contracts are scheduled to expire April 15, but the staff is asking trustees to extend them.