Newport News (Va.) Employees’ Retirement System hired Federated Investors and LSV Asset Management to run about $35 million each in active domestic midcap equities, said Tonya O’Connell, the city’s assistant director of finance.
The $830 million pension fund issued an RFP in July because it did not have any active midcap managers; Mellon Capital Management was hired at the time to run a $46 million passive domestic midcap equity portfolio.
Funding for the active allocation comes from rebalancing; no managers will be terminated.
Investment consultant Dahab Associates assisted.
