The New York City Deferred Compensation Plan has issued three RFPs for managers responsible for an aggregate $1.4 billion of the plan’s $5.2 billion Stable Income Fund.
The RFPs are consultant-driven RFPs in which managers submit product information to Milliman, one of the plan’s investment consultants, said Dean Weltman, executive counsel for the $16.8 billion plan, in an interview. Milliman will make recommendation to the plan’s governing board.
According to public notices posted by the plan, the RFPs are for active management of a portfolio of intermediate fixed-income securities benchmarked to the Barclays Intermediate Government Credit index; active management of intermediate fixed-income securities benchmarked to the Barclays Intermediate Aggregate Index; and active management of a portfolio of intermediate fixed-income securities benchmarked to a custom benchmark of 65% Barclays 1-5 Government and 35% Barclays Intermediate Credit indexes.
Mr. Weltman said the RFPs are routine. The current contracts expire in June, and each new contract will run for five years. A five-year renewal for each contract is possible, he said.
The public notices for the RFPs are available on the city’s website. Registration is required.
The deadline for submitting product information is 4:30 p.m. EST on Jan. 26. Information should be sent to email@example.com. Information on hiring timeline could not be learned by press time.