Philadelphia Board of Pensions and Retirement hired nine active managers to run $290 million total in domestic equities, fixed income and international equities, according to Christopher DiFusco, director of investments for the $4.5 billion pension system.
For U.S. equities, the pension fund hired Brandywine Global Investment Management and Lyrical Asset Management for large cap; Hahn Capital Management and Herndon Capital Management for midcap; GW Capital for small cap; and Apex Capital Management for smidcap.
For fixed income, Longfellow Investment Management was hired for a core allocation, Logan Circle Partners was hired for core plus and GW was hired for midgrade bonds.
Also, Cheswold Lane Asset Management was hired to manage a high-dividend international equities allocation.
The board allocated between $15 million to $50 million to each manager. Mr. DiFusco did not break down individual assignments or where funding came from.
The RFPs were issued in September, November and January. Additional international managers are expected to be considered at the board's July 24 meeting.