Philadelphia Board of Pensions and Retirement is searching for a high-yield fixed-income manager or managers to run between $25 million to $50 million.
Marquette Associates, investment consultant for the $4.8 billion pension fund, is assisting with the search.
The search is being conducted to find a complement to its existing high-yield manager, Strategic Income Management, said Christopher R. DiFusco, chief investment officer for the pension fund, in an email. The fund's high-yield portfolio had more than $96 million in assets as of Sept. 30.
Prospective managers must have at least $810 million in firmwide assets and $360 million in high-yield assets to be considered.
The RFP is available on the city's procurement website. Proposals are due by 5 p.m. EST Nov. 8. A time frame for a final selection has not yet been established, said Mr. DiFusco.