Philadelphia Board of Pensions and Retirement selected Capital Group to run $88 million in an active developed market international large-cap core equity strategy, said Christopher R. DiFusco, chief investment officer for the $6.4 billion pension fund.
The search was launched in January 2020 to balance the plan's current international large-cap value equity manager, Causeway Capital Management. The two managers will manage the same amount of capital.
Marquette Associates, investment consultant to the retirement plan, assisted in the search.
In addition, the board placed its non-U.S. small-cap core manager, Strategic Global Advisors, on watch, citing underperformance. SGA manages roughly $37 million on behalf of the pension fund.
Representatives from SGA could not be immediately reached for comment.