---
title: Philadelphia Board Fully Redeems Non-U.S. Small Cap Manager
description: Philadelphia Board Fully Redeems Non-U.S. Small Cap Manager.
image: https://dakotafunds.com/hubfs/Imported_Blog_Media/philadelphia_pensions-4-2.jpg
---

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# Philadelphia Board Fully Redeems Non-U.S. Small Cap Manager

**Written by: ** Koncheng Moua, Director of Data Management and Strategy 

![](https://dakotafunds.com/hubfs/Imported_Blog_Media/philadelphia_pensions-4-2.jpg)

The City of Philadelphia Board of Pensions and Retirement has approved the full redemption of their investment with Strategic Global Advisors, according to meeting minutes from the October 27 board meeting.

The System’s investment consultant, Marquette, originally recommended a 50% redemption, citing concerns about the market decline and performance as a reason for the redemption. Investment staff ultimately preferred fully closing the account with SGA.

SGA managed a Non-U.S. Small Cap Core portfolio for the Retirement System. The market value of the SGA account was approximately $31 million before approving the redemption.

As of November 30, 2022, the SGA account is near full redemption. The $6.9 billion Retirement System’s actual and target allocation to Non-U.S. Equity is 20.9 and 23% respectively.

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 Tags: [Pension Funds](https://dakotafunds.com/dakota-funds/tag/pension-funds), [Equities](https://dakotafunds.com/dakota-funds/tag/equities)

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