City of Newport, R.I., issued RFPs for three managers to run a total of $30 million for its $88.1 million pension fund — one to run $13 million in active domestic midcap core equity and two to run $8.5 million each in active domestic large-cap equity, one growth and the other value, said Jennifer Findlay, senior accountant.
The searches were prompted when officials learned in 2006 the city might maximize returns and save fees by investing in institutional products, Ms. Findlay said. The fund currently uses all retail products.
Dahab Associates is assisting.
The RFPs are available on the city’s website at cityofnewport.com. Proposals are due Oct. 10 for the large-cap value search, Oct. 12 for large-cap growth and Oct. 16 for midcap core. Decisions are expected in November.
