Newport News (Va.) Retirement System is searching for an active international value equity manager to run $25 million, confirmed Tonya O’Connell, acting city finance director.
The search is a result of an increase in the $725 million system’s allocation to international value equities and will be funded from rebalancing, Ms. O’Connell said in a telephone interview.
The system currently has two international value equity managers, Brandes Investment Partners, which runs about $22 million, and Franklin Templeton, which runs about $20 million.
The change is a result of a recent asset allocation study and RFPs will likely be issued in the near future for emerging markets equity and international small-cap managers, according to Ms. O’Connell.
The international value RFP is available on the website of Dahab Associates, the system’s investment consultant.
Proposals are due at 5 p.m. EDT Oct. 21. The timetable for finalist presentations has yet to be determined.
