Philadelphia Municipal Employees’ Retirement System is searching for a domestic large-cap value manager to handle $125 million, said Marc Bonavitacola, chief investment officer of the $5 billion fund. Applicants should contact consultant Mercer, which is conducting the search. The new manager will replace BlackRock, which was terminated because of the departure of a lead portfolio manager and declining performance, said Mr. Bonavitacola. A BlackRock spokesman declined to comment.
Mercer is assisting with the search.
