Indiana Deferred Compensation Committee, Indianapolis, is searching for managers of unconstrained fixed income as an investment option for the combined $860 million Indiana Public Employees Deferred Compensation 457/401(a) Plans, according to an announcement from the committee.
The committee could hire more than one manager, blending them into one portfolio option, said Kirke Willing, deputy auditor. Managers may submit more than one proposal.
Unconstrained fixed-income managers, which typically do not construct portfolios based on a given benchmark, have flexibility to adjust exposures to duration, yield curve, quality, country and currency positioning, and sector allocations “to reflect views on the market's opportunities and risks, the announcement said.
Capital Cities, the plans' investment consultant, is assisting in the search.
The RFP is available on Indiana's website. Proposals are due July 31. The committee could make a decision Aug. 17 or in the fall, Mr. Willing said.
The plans have 22 investment options.