Philadelphia Board of Pensions and Retirement is searching for a low-volatility equity manager to run about $166 million for the $9.1 billion Philadelphia Public Employees Retirement System.
The board approved issuing an RFP at its March 27 meeting to conduct due diligence due to the underperformance of current active global low-volatility equity manager Fidelity Institutional Asset Management, recently released meeting minutes showed.
The RFP shows the board is accepting proposals from managers of both active and passive U.S.-only and/or global low-volatility equity strategies.
Christopher DiFusco, chief investment officer, referred questions to the RFP, which did not disclose whether Fidelity is invited to rebid. A Fidelity spokesperson could not be immediately reached for comment.
As of March 31, the pension fund’s actual allocations to domestic equities and international equities were 26.8% and 20.8%, respectively; their respective targets are 24% and 20%.
The RFP is available on the city's procurement website. Registration is required. Proposals are due by 5 p.m. EDT on June 2. A selection is expected Sept. 25.
Investment consultant Marquette Associates is assisting.
