Philadelphia Gas Works Retirement Reserve is searching for an active U.S. large-cap core equity manager, said Christopher DiFusco, chief investment officer for the Philadelphia Sinking Fund Commission, trustee for the $483 million pension fund.
Separate accounts, mutual funds and commingled pools all will be considered. The plan has yet to determine how much to allocate to the manager, said Mr. DiFusco.
The plan’s asset mix is 68% foreign and domestic equities, and 32% domestic fixed income and cash.
The $364 million equity portfolio has no incumbent large-cap core manager. The commission has two active large-cap managers: Fred Alger, a growth manager running about $37.5 million; and O’Shaughnessy, a value manager, with roughly $37.2 million.
The RFP is available on the city’s procurement website.
Proposals are due at 5 p.m. EDT on Oct. 7. No timeline is available for when a final decision will be made.