Danville (Va.) Employees' Retirement System is searching for a consultant to evaluate its current investment consultant, Dahab Associates, confirmed Patricia Conner, city senior accountant and retirement board secretary.
Ms. Conner said the decision by the $218 million pension fund to conduct the search is not related to the performance of Dahab, which has been the pension fund's investment consultant since 1986.
The pension fund board felt “it would be prudent and a good exercise of fiduciary responsibility” to implement a policy to have an outside party evaluate the investment consultant every five years, given the varying investment knowledge among the board's nine trustees, according to Ms. Conner.
It is the first time the pension fund is carrying out the new policy.
The RFP is available on the city's website. Proposals are due at 5 p.m. EST on Dec. 6. The firm's contract is scheduled to start in February with a report to the board of trustees at its meeting in May.