Pennsylvania Municipal Retirement System, Harrisburg, on Wednesday issued an RFP for an active international growth equity manager to run $65 million.
WHV Investment Management currently manages the money in a similar-style portfolio, said Nat Raney, investment relationship manager at the $1.95 billion pension fund. The pension fund's board was “uncomfortable with the manager's investment approach,” Mr. Raney said. He would not elaborate. WHV may rebid.
The pension fund has a 14.6% target allocation to international developed markets equities, according to its website. HGK Asset Management and Johnston Asset Management are its other international equity managers.
Proposals are due at 5 p.m. EDT April 28. A selection could be made as early as the pension fund's next board meeting on May 15, Mr. Raney said.