Pennsylvania Municipal Retirement System, Harrisburg, named HGK Asset Management, Marathon-London and incumbent Mercator Asset Management as finalists in a search for managers to run a total of $130 million in active international value equities, confirmed James Allen, secretary to the $1.6 billion system.
Also, Johnston Asset Management, Scout Investments and incumbent GlobeFlex Capital were named finalists to run a total of $105 million in active international growth equities.
More than one manager could be selected for each portfolio, Mr. Allen said in a phone message.
Consultant Dahab Associates recommended the system’s board retain incumbent growth manager Wentworth, Hauser & Violich without an interview. The system still needs to approve the recommendation.
Mercator ran $105 million in value, and Wentworth Hauser and GlobeFlex Capital ran about $50 million and $35 million in growth, respectively, as of Sept. 30, according to Mr. Allen.
Pennsylvania law requires that manager contracts be put up for bid every five years.
Finalist interviews will take place Nov. 17, with decisions shortly afterward.