Updated with correction
Pennsylvania Municipal Retirement System, Harrisburg, plans to search for managers to run a total of $235 million in active international equities, confirmed Jim Allen, secretary of the $1.6 billion system.
An RFP will be posted on the website of investment consultant Dahab Associates later this week, according to Mr. Allen.
The system's current international equity managers are Mercator Asset Management, running $134 million in value, and growth managers GlobeFlex Capital and Wentworth, Hauser & Violich, which run about $43 million and $64 million, respectively. All are invited to rebid.
Mercator's contract expires in December, GlobeFlex's in February and Wentworth's in March. Each has a five-year contract; the search is required by Pennsylvania state law, which mandates that manager contracts be put up for bid every five years. The board decided to conduct the searches at one time.
Interviews with finalists are expected in mid-November, according to Mr. Allen.
In addition, Dahab Associates will be discussing the results of an asset allocation study for the system at its Sept. 22 board meeting.
Separately, the system also hired active large-cap growth manager UBS Global Asset Management to run between $90 million and $100 million. The other finalists were Fred Alger Management and Mastrapasqua Asset Management. The previous manager, Chase Investment Counsel, had rebid. An RFP was issued in May.