Newport News (Va.) Employees' Retirement Fund hired Ariel Investments to manage about $13 million in active international value equities, said Brian J. Sypolt, payroll/pension accountant, in an email.
The $934 million pension fund issued an RFP in April following the announcement by incumbent manager DePrince, Race & Zollo it would be closing its strategy by the end of 2017. Mr. Sypolt would not provide finalist information.
Investment consultant Dahab Associates assisted.
