Searches and Hires

Newport, R.I., casts net for custodial bank

Newport, R.I., is looking for a custodial bank for the city's roughly $190 million in trust assets across pension, other post-employment benefits, and trust and scholarship funds.

Investment consultant Dahab Associates is assisting with the search.

Incumbent J.P. Morgan Chase & Co. can rebid, said Steven Roth, chief investment officer at Dahab Associates.

The RFP is available on Dahab's website. Proposals are due by 5 p.m. EDT on April 19. There is no time frame for selection, Mr. Roth said.