New York State Deferred Compensation Plan, Albany, plans to issue RFPs for investment managers offering no-load mutual funds in all major asset classes, and for a record keeper and a trustee/custodian. The $4.7 billion plan is unbundled, "which has worked extremely well, but we will use this time to consider bundled providers as well,” said Julian Regan, executive director. RFPs will be available from the plan’s lead consultant, Linda Schlissel at Evaluation Associates, within the next couple of weeks, and proposals will be due five or six weeks after their release, Mr. Regan said.
The plan has a $2.8 billion portfolio of 25 mutual fund options managed by 14 companies. The remaining $1.9 billion is in a stable income fund, run by 11 managers, which will not be affected by the investment management search. Current record keeper is CitiStreet, and J.P. Morgan Chase is trustee/custodian; their contracts expire in March 2003. All current providers are invited to rebid.
