The Philadelphia Municipal Pension Fund picked Provident Investment as a large-cap value equity manager and Rittenhouse Financial and Brown Capital Management as large-cap growth equity managers, said Joseph J. Herkness, executive director of the $2.8 billion fund.
The new managers replace Sirach Capital, terminated last year; Atalanta/Sosnoff, which was terminated recently; and a third large-cap manager that was unidentified. Money to finance the new managers will come from the terminated managers and from rebalancing. The three managers will get $50 million to $85 million each, Mr. Herkness said.
The fund's domestic equity exposure fell to 30.9% in September from 46.4% in March.