Philadelphia Gas Works Retirement Reserve hired PineBridge Investments to manage an active U.S. large-cap core equity strategy..
PineBridge will replace two active large-cap managers in the $525 million plan's lineup: Fred Alger Management, running about $37.5 million in growth equity; and O'Shaughnessy Asset Management, a value manager with roughly $37.2 million, said Christopher DiFusco, chief investment officer for the Philadelphia Sinking Fund Commission, trustee for the pension fund.
The amount PineBridge will manage is not yet determined, but it will not be greater than the combined current allocations to Alger and OSAM.
Alger spokeswoman Ciara Brinkmann and OSAM spokeswoman Ena Gong could not immediately be reached for comment.
The original RFP was issued in September. Glenmede Investment Management and Wellington Management Group were the other two finalists, Mr. DiFusco said.
PFM Asset Management, investment consultant to the pension plan, assisted with the search.