The New York State Insurance Fund (NYSIF) is seeking provider(s) of transition management services for one or more portfolio restructuring events. The selected provider(s) must have at least five years of continuous experience offering dedicated transition management services for institutional clients and must have successfully transitioned at least $5 Billion in public market assets over the last 12 months.
The selected provider(s) will be required to enter into a contract set forth by NYSIF and to act as a fiduciary to NYSIF. Contracts will have a term of two years although no minimum commitment is guaranteed. Should NYSIF, at its sole option, elect to use a transition manager for a restructuring event, bench members will be given the opportunity to respond to a cost and risk discovery proposal. Engagement of selected bench member(s) for specific restructuring events will be performed pursuant to a letter of engagement referencing the contract terms. By submission of your response, you are acknowledging that you will comply without modification with all requirements listed in Appendix A – Standard Clauses for New York State Contracts.
No respondent will be allowed to include a provision in the contract providing broad indemnification to the respondent by NYSIF. Indemnification by NYSIF will be limited to the following:
Subject to the availability of lawful appropriations and consistent with Section 8 of the State Court of Claims Act, NYSIF shall hold Transition Manager and its affiliates harmless from and indemnify it for any final judgment of a court of competent jurisdiction to the extent attributable to the negligence of NYSIF, or of its officers or employees when acting within the course and scope of their employment.
NYSIF has established a minimum goal of 20% Minority/Women-Owned Business Enterprises (M/WBE) participation for investment manager services and this goal will be applicable to use of M/WBE brokerage services.
The solicitation document and questionnaire may be obtained from NYSIF’s Procurement website at www.nysif.com/procurement.
Interested parties should e-mail NYSIF.2012.TM@rvkuhns.com with any questions. Please include “NYSIF TM – [Your Firm Name]” in the subject line of the e-mail.
Please note, the due date for submission of questionnaire responses is January 10, 2013 by 5:00 PM ET and responses should be sent via e-mail to NYSIF.2012.TM@rvkuhns.com
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