Southeastern Pennsylvania Transportation Authority, Philadelphia, hired PFM Advisors as bundled provider for its $700 million defined benefit plan and $100 million 457 plan, Richard Burnfield, SEPTA’s CFO, said in an interview.
The previous provider, Gray & Co., was among 16 firms submitting proposals following an RFP issued last year, Mr. Burnfield said. SEPTA wasn’t dissatisfied with Gray; PFM was selected because it scored best after SEPTA’s board had considered multiple factors, “including knowledge, experience, process for asset allocation, process for evaluation, selection of managers and funds, and process for reporting performance,” he said.
PFM will provide, among other things, “asset allocation analysis, investment policy review, and performance/risk reporting, as well as evaluation of investment managers for the funds' portfolios,” a PFM news release said.
PFM Advisors received a five-year contract, Mr. Burnfield said.