New York State Deferred Compensation Plan, Albany, is searching for transition managers and for a firm to manage 5% of the plan's $13.7 billion in assets in a short-term cash portfolio, confirmed Edward Lilly, executive director.
BlackRock currently manages the cash portfolio and is the only transition manager. It is invited to rebid on both RFPs. BlackRock's contracts expire in 2013.
The contract for the transition manager will start April 1, and for the cash manager, July 1, according to the RFP
The deferred compensation plan is looking to hire at least one transition manager, Mr. Lilly said in an e-mail.
The cash portfolio can invest in securities rated only A-1 and P-1 or Aaa/AAA by S&P and Moody's Investors Service, respectively. The duration of the portfolio will be 90 days or less and the maximum maturity of any security will be one year, according to the RFP.
There is currently 43.5% of assets in a stable income fund, 35% domestic equity, 8.6% target-date funds, 5.9% international equity, 5.3% fixed income and the rest in loans and self-directed mutual funds.
The RFPs are available on the deferred compensation board's website. Proposals for both RFPs are due Dec. 5. Finalists will be notified around Jan. 7 and will make presentations to the board Jan. 21-25. Hiring decisions are expected around Feb. 25.