Philadelphia Board of Pensions is seeking at least one high-yield fixed-income manager to run $60 million to $100 million and “diverse, emerging and local” equity and fixed-income managers to run an as-yet-undetermined amount.
The board of the $4.5 billion pension fund has yet to determine how many managers it will hire for either allocation.
For the high-yield fixed-income allocation, prospective managers must have at least $810 million in total assets and $360 million in high-yield assets. Diversity managers looking to bid on the high-yield allocation must have at least $270 million in firm assets and $60 million in high-yield assets.
“Diverse” is defined as a minority-, women- or disabled-owned firm. “Emerging” firms are defined as firms with assets between $100 million and $2 billion. Local firms that qualify must have an established office in Philadelphia.
The RFPs can be found on eContract Philly, the city’s purchasing website. Proposals for the high-yield search are due at 5 p.m. EST Feb. 25; proposals for the diverse, emerging and local manager search are due at 5 p.m. EST Feb. 27.
The board expects to make selections for both searches by May 1.
Christopher Difusco, director of investments at the pension fund, declined to comment beyond what was in the RFPs.