We consider the static and the dynamical phases in a Rosenzweig-Porter (RP) random matrix ensemble with a distribution of off-diagonal matrix elements of the form of the large-deviation ansatz. We present a general theory of survival probability in such a random-matrix model and show that the averaged survival probability may decay with time as a simple exponent, as a stretch-exponent and as a power-law or slower. Correspondingly, we identify the exponential, the stretch-exponential and the frozen-dynamics phases. As an example, we consider the mapping of the Anderson localization model on Random Regular Graph onto the RP model and find exact values of the stretch-exponent \kappa κ in the thermodynamic limit. As another example we consider the logarithmically-normal RP random matrix ensemble and find analytically its phase diagram and the exponent \kappa κ . Our theory allows to describe analytically the finite-size multifractality and to compute the critical length with the exponent \nu_{MF}=1 ν M F = 1 associated with it.