Philadelphia Public Employees Retirement System hired Wellington Management and Chicago Equity Partners to run $40 million each in active domestic midcap core equities, said Tony Johnson, chief investment officer. The $4.5 billion fund also interviewed six finalists in its search for three domestic active midcap value equity managers to run $40 million to $60 million each. The finalists are: Ariel Capital; Boston Co. Asset; Cooke & Bieler; Hotchkis & Wiley; Lord Abbett; and TCW. The selections will be announced at the plans June board meeting.
Funding for the new managers came from decreasing fixed-income and international equities, Mr. Johnson declined to say which managers portfolios had been reduced. The assets are parked temporarily in an S&P 400 index fund run by Deutsche Asset.