Philadelphia Gas Works Retirement Reserve issued an RFP for a passive domestic large-cap growth equity manager, confirmed Charles C. Jones, executive director of the Sinking Fund Commission of the City of Philadelphia, the trustee for the $478 million defined benefit fund.
The initial allocation is about $33 million, and the commission will consider a separately managed account as well as a mutual fund or commingled vehicle. The pension fund is looking to replace the Vanguard Russell 1000 Growth index fund because it does not comply with the recently adopted Sandy Hook Principles. Mr. Jones said that if Vanguard has an offering that complies with the Sandy Hook Principles, the company may rebid.
The initial contract term is for one year with three one-year renewal options.
The RFP can be found on eContract Philly's website. Proposals are due by 5 p.m. EDT Nov. 1. A selection date is expected no later than April 1, 2014.