Philadelphia Gas Works Retirement Reserve issued four RFPs for fixed-income managers, confirmed Charles C. Jones, executive director of the Philadelphia Sinking Fund Commission, the trustee for the $500 million defined benefit pension fund.
The searches are for core, core-plus, intermediate and intermediate-plus bond managers. Each of the portfolios will be between $25 million and $30 million.
The RFPs are being issued because the current contracts are expiring within the next year. Weaver C. Barksdale & Associates is the current manager for the core fixed-income allocation; Janus Capital Group, core-plus; Garcia Hamilton & Associates, intermediate; and Lazard Asset Management, intermediate-plus. The incumbent managers are invited to rebid.
Respondents may bid on as many of the RFPs as they wish, but each proposal must be submitted separately.
The RFP can be found on eContract Philly, the city's purchasing website. Proposals are due April 25. Contracts will be awarded between July and the end of 2014.