Hawaii Deferred Compensation Fund surfing for smidcap equity investment option

Hawaii Deferred Compensation Fund, Honolulu, is searching for a smidcap growth equity investment option for the 457 plan's lineup, confirmed Cynthia Akiyoshi, personnel management specialist for benefits administration in Hawaii's Department of Human Resources Development.

The selected manager will replace the smidcap growth fund managed by Century Capital Management, which was terminated for performance. Lanny Thorndike, managing partner and portfolio manager at Century, did not return a telephone call for comment by press time.

Century Capital's fund had about $46 million in plan assets as of Dec. 31. The investment option is also part of the underlying investments in the plan's target-date funds. More than one smidcap equity manager could be hired, according to the RFP.

The $1.9 billion plan currently has 16 stand-alone investment options in addition to a series of target-date funds and a brokerage window.

Investment consultant Mercer is assisting with the search.

The RFP is available on the state's human resources department website. Proposals are due at 3 p.m. HST April 21. Finalist interviews will take place in late June, with a hiring decision in late July.