New York State Deferred Compensation Plan, Albany, will soon search for a synthetic GIC manager, according to Julian Regan, executive director of the $6.9 billion plan. The plan currently has $2.8 billion in its stable value fund. The fund's four stable value managers, which all run synthetic GICs - Credit Suisse Asset Management, Dwight Asset Management, PIMCO and T. Rowe Price - will be allowed to rebid. Consultant Evaluation Associates will conduct the search. Mr. Regan said the fund searches for synthetic GIC managers every six months because of the way the investment is structured.
Separately, the plan's board is evaluating its investment structure, which could lead to more searches and hires in 2005, according to Mr. Regan.