Newport News (Va.) Employees' Retirement System Fund is searching for an active domestic midcap equity manager to run about $70 million, said William E. Dahab, principal and director of research at Dahab Associates, the $830 million pension fund's investment consultant.
The fund does not have any active midcap managers, Mr. Dahab said. The pension fund is considering proposals from active core, value or growth managers.
Separately, Mellon Capital Management was hired to manage a $46 million passive domestic midcap equity portfolio. The firm already runs a $90 million passive domestic large-cap core equity portfolio for the pension fund.
Funding for the active hire will come from rebalancing; no managers are being terminated, Mr. Dahab said.
Tonya O’Connell, the city’s assistant director of finance, said the pension fund’s board will make final decisions on a new asset allocation at its meeting on Thursday.
The RFP is available on Dahab's website. Proposals are due at 5 p.m. EDT on Aug. 22. A timetable for a decision has yet to be determined.