Searches and Hires

Philadelphia Gas Works selects 2 for international equity

Philadelphia Gas Works Retirement Reserve hired EARNEST Partners and Acadian Asset Management to each manage $35 million to $40 million in active international equity strategies, said Christopher DiFusco, chief investment officer for the Philadelphia Sinking Fund Commission and trustee for the $555 million pension fund.

The pension fund had 21.63% of its plan allocated to international equities through four managers — Mondrian Investment Partners, Harding Loevner, RhumbLine Advisers and Dimensional Fund Advisors — as of April 30. Funding will come from mutual funds managed by Mondrian, Harding Loevner and Dimensional "that will be liquidated upon completion of the contracts," Mr. DiFusco said.

As of April 30, Harding Loevner managed about $50 million; Mondrian, $25 million; and Dimensional, $20 million.

An RFP was issued in December as part of the plan's overall due diligence and asset allocation process. Mondrian and Harding Loevner rebid, Mr. DiFusco said.