Philadelphia Gas Works launches passive international equity search

Philadelphia Gas Works Retirement Reserve is searching for a passive international equity index manager to run an as-yet-undetermined amount for the $535 million pension fund.

The search is being conducted to provide the plan with appropriate options, said Christopher DiFusco, chief investment officer for the Philadelphia Sinking Fund Commission and trustee for the pension fund.

Separate accounts, mutual funds and commingled pools will be considered, according to an RFP.

The pension fund's allocation is about 67% foreign and domestic equities, and 33% domestic fixed income and cash. Its international equity portfolio has approximately $115 million in assets and is both actively and passively managed. RhumbLine Advisers is the plan’s current passive manager and is invited to rebid, Mr. DiFusco said.

The RFP is available on the city's procurement website. Proposals are due by 5 p.m. EST Dec. 11. A selection is expected to be made by March 14, 2018, the RFP said.