West Warwick (R.I.) Pension Fund hired Clearbrook Global Advisors as outsourced CIO for the $27 million pension fund, said Nicholas Denice, pension fund board chairman.
Clearbrook will act as an extension of the town’s pension fund board and investment staff to lead the fund through investment policy decisions and implement those decisions on their behalf. The firm will also work with the board as a discretionary adviser, acting as a fiduciary and providing expertise as an OCIO to deliver customized investment strategies designed to accommodate the plan’s needs, said Rosalia Scampoli, spokeswoman for Clearbrook.
Mr. Denice said the plan has not had an OCIO “for about 20 years.” During that time, the pension fund has had an investment consultant, but Mr. Denice declined to name the firm.
The RFP was issued in August 2014. Peirce Park Group and Dahab Associates were also finalists.
