City of Newport News (Va.) Employees' Retirement Fund is searching for an active domestic large-cap value equity manager to run about $46 million, said Tonya O'Connell, city financial services manager. She said the $683 million fund initiated the search for diversification and because of the current portfolio manager's performance. Ms. O'Connell declined to identify the manager, but confirmed that Legg Mason Capital Management, Lord Abbett and Thompson Siegel & Walmsley manage large-cap value equities for the plan. She noted that fund officials won't necessarily terminate any manager.
Lillian Jones, managing director and senior consultant with the plan's consultant, Dahab Associates, didn't return a call seeking comment by press time.