City of Wilmington, Del., hired Manning & Napier to manage $7 million in active international large-cap growth equities for its $155 million pension plan, said Jerry J. Nagle, deputy city treasurer. Funding came from reducing an active domestic large-cap growth equity portfolio managed by Marvin & Palmer to $35 million. Mr. Nagle declined to comment on the reason for the change.
Separately, the plan is conducting an asset allocation study because of the state of the market, he said. There is no deadline for completion, and no manager changes are expected, he said. The plan's current asset allocation is 60% domestic equity, 35% domestic fixed income and 5% international equity.
Peirce Park Group is advising.