Philadelphia Gas Works Retirement Reserve hired Copeland Capital Management to run an active U.S. small-cap core equity strategy, said Christopher DiFusco, chief investment officer for the Philadelphia Sinking Fund Commission and trustee of the $555 million pension fund.
The plan's U.S. small-cap equity portfolio is around $50 million now, with Eagle Asset Management running an active growth account and Vaughan Nelson Investment Management, active value.
The search was launched in May to add a core strategy to the plan's domestic small-cap portfolio.
The pension fund also will be adding an index equity manager, benchmarked to the S&P 600. An RFP seeking a passive manager to run this mandate will be available before the end of the year, Mr. DiFusco said.
