Philadelphia Gas Works Retirement Reserve is searching for an active domestic large-cap growth equity manager and a passive domestic small-cap equity manager, said Charles C. Jones, executive director of the Philadelphia Sinking Fund Commission, trustee for the $489 million pension fund.
The active domestic large-cap growth equity manager will run about $40 million. Current manager Fred Alger Management’s contract expires in the first quarter of 2016; the commission is issuing the RFP due to city regulations requiring the rebidding of vendor contracts, and Fred Alger is invited to rebid.
Proposals for the large-cap growth search are due at 5 p.m. EST Nov. 20.
The passive domestic small-cap equity manager will run up to $23 million. Mr. Jones said the commission will not necessarily hire a manager but issued the RFP to see what kinds of responses it receives. A $23 million small-cap equity portfolio is actively managed by Vaughan Nelson Investment Management.
Proposals for the small-cap search are due at 5 p.m. EST Dec. 4. A selection is tentatively scheduled for Jan. 13. A timetable for a decision has yet to be determined.
The RFPs are available on the city’s procurement website.