Philadelphia Board of Pensions and Investments is searching for an active small-cap equities manager, confirmed Christopher R. DiFusco, chief investment officer for the $5.3 billion pension plan.
The search is being conducted because the board terminated its incumbent small-cap manager, Fisher Investments, after the firm's founder, executive chairman and co-chief investment officer, Kenneth L. Fisher, made lewd comments at an Oct. 8 conference.
Fisher Investments ran roughly $54 million in a domestic small-cap equities strategy on behalf of the board.
The selected manager must be benchmarked against the Russell 2000 or Russell 2000 Value indexes. Small-cap growth strategies will not be considered for this search.
The RFP is available on Philadephia's procurement website. Registration is required.
Proposals are due 5 p.m. EST Dec. 30. A selection date was not disclosed.