Philadelphia Public Employees' Retirement System hired Ark Asset...

Philadelphia Public Employees’ Retirement System hired Ark Asset, Seneca Capital and Wells Capital to manage $60 million each in active domestic large-cap growth equities, said Tony Johnson, CIO. The $3.9 billion pension plan partially funded the hirings by reducing Northern Trust Global Investments’ Russell 1000 growth index fund by $130 million to $200 million; the remainder came from Turner Investment Partners, which was asked to give up its $50 million active domestic large-cap growth equity portfolio. Turner still runs $32 million in active domestic small-cap growth equities and $50 million in active domestic midcap growth equities. Mr. Johnson said pension fund officials felt Turner had too many mandates, so it asked the manager to resign from one of them. Mercer Investment Consulting assisted.