Delaware State Treasury, Dover, issued an RFP for an investment consultant for the state's $1.8 billion general investment fund, confirmed Stephen McVay, investment manager for the treasury.
Delaware State Treasury uses five investment managers for its holdings, all of which are in fixed-income securities — 50% in liquidity accounts and 50% in intermediate accounts. The treasury does not now have an investment consultant.
“We just want to have a professional review of our current asset allocation … and current investment policy,” Mr. McVay said in a telephone interview. The consultant also will be expected to make recommendations of potential changes to the plan, including moving outside the fixed-income market.
The selected firm will serve in a fiduciary capacity and will work closely with the Office of Finance and Treasury Services on behalf of the state, according to the RFP.
A PDF copy of the RFP document is available on the Delaware state website. The contract is for three years, with two one-year extensions.
Proposals are due March 30. Mr. McVay anticipates a hiring decision by June 1.
