Philadelphia Gas Works Retirement Reserve is seeking an active domestic large-cap value equity manager to run $39 million and an active domestic small-cap value equity manager to run $23 million, said Charles C. Jones, executive director of the Philadelphia Sinking Fund Commission, the trustee for the $524 million pension fund.
The pension fund's contracts with its incumbent managers — Cooke & Bieler for the large-cap allocation and Vaughan Nelson for small cap — are set to expire at the end of this month. Both managers are invited to rebid.
The board will consider separate accounts, mutual funds and commingled pools for both allocations.
The RFPs can be found on eContract Philly, a procurement website. Large-cap proposals are due April 17; small cap, April 24. Both are due by 5 p.m. EDT. Selections are expected to be made no later than June 1.