Pennsylvania Municipal Retirement System, Harrisburg, will conduct a search in the third quarter for an active domestic small-cap value equity manager to run about $45 million.
The $3 billion pension fund will conduct the search due to organizational changes at current manager Smith Graham & Co. Investment Advisors, spokeswoman Carey Miller said in an email. The firm will be eligible to rebid, Ms. Miller said.
Interested managers should contact investment consultant Marquette Associates, which will assist with the search.
As of Dec. 31, the pension fund's actual allocation to domestic equities was 30.4%; the target is 32.5%.