Newport News (Va.) Employees’ Retirement Fund is searching for an investment consultant, confirmed Tonya O’Connell, assistant director of finance.
The $828 million pension fund is searching for a consultant as a result of the city and board of trustees deciding to put up for bid all professional services as part of their fiduciary responsibility, Ms. O’Connell said in a telephone interview.
Current consultant Dahab Associates is invited to rebid.
Once this search is complete and a consultant is hired, the pension fund will issue an RFP for a global custodian; current custodian State Street Bank will be invited to rebid.
The RFP is available on Newport News’ website. Proposals are due at 5 p.m. EST on Feb. 20. A decision is expected no sooner than a month after the due date.