Emerging Managers Fund

Philadelphia Board of Pensions and Retirement hired New York Life Investment Management to run $145 million in a domestic large-cap equity enhanced index strategy that seeks to beat the Russell 1000 index, said Christopher McDonough, investment officer. The investment is new for the $4.3 billion fund. Funding came from reducing existing passive equity investments, Mr. McDonough said. No managers were terminated. Fiduciary Investment Solutions assisted with the shortlist search.