Erie, Pa., is searching for a custodian, a midcap core equity manager to run approximately $26 million and a small-cap growth equity manager to run approximately $12 million for the city's four pension funds.
Seth Lynn Jr., senior consultant at Dahab Associates, investment consultant to the city's $230 million pension funds, said PNC Bank is the current custodial bank and is invited to rebid.
Funding for the midcap and small-cap mandates will come from two ETFs managed by Vanguard Group. Mr. Lynn said the plans are looking to make the switch to active managers. All four pension plans use the same managers.
The RFPs can be found on Dahab's website.
Proposals from custodial banks are due Sept. 16; midcap managers, Sept. 17; and small-cap managers, Sept. 18. All proposals are due 5 p.m. EDT. Selections are expected to be made in mid-November.