Philadelphia Board of Pensions allots $75 million each to MFS, Fidelity Philadelphia Board of Pensions Retirement hired MFS Investment Management and Fidelity Investments to manage $75 million each in global low-volatility equities strategies and selected Northern Trust as its global custodian, recently released meeting minutes show. The board selected the managers and custodian on May 27. PanAgora Asset Management was the other finalist for the low-volatility search. The search for a custodian was launched in October to comply with city ordinance requiring contracts to go out to rebid every four years. Northern Trust replaces the board''s current custodian, J.P. Morgan Chase, which did not rebid, according to meeting minutes. Christopher DiFusco, chief investment officer of the $6.4 billion pension fund, could not be immediately reached for additional information.