Philadelphia Public Employees' Retirement System is searching for its first hedge fund consultant, to assist the $3.9 billion pension fund in finding a hedge fund manager, said Erin Davis, a spokeswoman. Further information wasn't available.
Separately, the system hired Franklin Park Advisors as its alternative investment consultant. The firm was formed recently by former employees of Hamilton Lane, which had been the fund's consultant for 10 years. Hamilton Lane was a finalist, along with and Cambridge Associates, Pacific Corporate Group and Portfolio Advisors. Fund officials thought it was time to do a search, she said.
The system also hired Aon Consulting Group to help search for a record keeper for its $330 million 457 plan, Ms. Davis said. Great-West, the current record keeper, can rebid.