Norfolk (Va.) Employees' Retirement System hired North Pier Fiduciary Management to provide outsourced chief investment officer services.
The $1.4 billion pension fund's board approved the hiring at its Sept. 15 meeting, recently released meeting minutes said.
The other finalists in the OCIO search were Alpha Capital Management Group, Fiduciary Consulting Group and Manager Analysis Services, according to the minutes.
AndCo Consulting is the pension fund's current non-discretionary investment consultant. The minutes did not say whether the firm bid for the OCIO services.
Board meeting minutes from July 7 show the retirement system will be closing to new hires on Jan. 1. New Norfolk employees will automatically be enrolled in the $103.7 billion Virginia Retirement System, Richmond, as of that date.
The July 7 minutes also show that current city employees will be able to elect to remain with the city's retirement system or participate in VRS during 2022.
Penny DeLosh, the system's executive director, could not be immediately reached for further information.
