Philadelphia Gas Works Retirement Reserve hired Evergreen Investment to manage $33 million in active domestic core fixed income, pending contract negotiations, said John R. Foulkes, CIO of the $400 million pension plan. Partial funding will come from terminating an $18 million active domestic core fixed-income portfolio run by RRZ; $10 million will go to the Evergreen portfolio, and $8 million will be added to a existing active domestic core fixed-income portfolio run by Weaver C. Barksdale. Mr. Foulkes would not provide the asset size for the Barksdale portfolio. The remainder of the Evergreen allocation will come from rebalancing, he said. The RRZ portfolio was terminated because the portfolio management team that worked with the plan left the firm and formed Providence Investment Advisors.
Yanni Partners advised.