Philadelphia Gas Works Retirement Reserve is searching for an active international equity manager to run an undetermined amount for the $535 million pension fund.
The search is being conducted as part of the plan's overall due diligence and asset allocation process, 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 the 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. The plan's active international equity managers as of Sept. 30 were Mondrian Investment Partners, Harding Loevner and Dimensional Fund Advisors, according to the Sinking Fund's website. All incumbent managers are invited to rebid, Mr. DiFusco said.
The RFP is available on the city's procurement website. Proposals are due by 5 p.m. EST on Jan. 3. A selection is expected to be made by May 16, 2018, the RFP said.