Searches and Hires

Philadelphia Gas Works seeks U.S. small-cap core manager

Philadelphia Gas Works Retirement Reserve is searching for an active U.S. small-cap core equity manager to run an undetermined amount for the $555 million pension fund, said Christopher DiFusco, chief investment officer for the Philadelphia Sinking Fund Commission and trustee for the pension fund.

The plan's U.S. small-cap equity portfolio is currently about $50 million, with Eagle Asset Management as an active growth manager and Vaughan Nelson Investment Management as an active value manager. The search is being conducted to add a core strategy.

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

The RFP is available on the city's procurement website. Proposals are due by 5 p.m. EDT on June 28. A contract for a manager is expected to be signed by the end of the year.

The plan's asset allocation is approximately 70% foreign and domestic equities and 30% domestic fixed income and cash.