Vermont state Treasurer Jim Douglas hired Dwight Asset Management to manage $35 million in synthetic GICs for the Vermont single deposit investment account.
Dwight replaces Morley Capital Management, whose contract expires July 31, Mr. Douglas said. Loomis Sayles also manages $70 million for the account.
The account was created in 1981 when the state switched to a non-contributory system. Employees were given the option to either take their accrued contributions and get taxed on the amount, or put the assets in the single deposit account, Mr. Douglas said.