New York City Deferred Compensation Plan plans to issue an RFP for an investment consultant around Aug. 3, said Dean Weltman, plan compliance officer at the $5.5 billion plan. Current consultant Mercer Investment Consulting can rebid. Responses will be due Sept. 29, and a selection is expected around Dec. 16. Applicants should be able to provide manager and administrative searches and overall plan design, and assist with asset allocation. The RFP will be available on the plan's website: www.nyc.gov/deferredcomp.
NYC Deferred will also look for a manager of institutional separate accounts to run a $145 million Russell 2000 index portfolio, part of the plan's $785 million blended small-cap fund, Mr. Weltman said. Current manager Vanguard can rebid. Mercer will assist.
The other managers of the blended small-cap fund won't be affected; they are T. Rowe Price, which manages $203 million in the growth component; Ariel Capital, $180 million, value; and Wellington Management, $257 million, core.