Massachusetts Educational Financing Authority, Boston, is searching for its first investment consultant for the authority's two college savings programs, confirmed spokeswoman Martha Savery.
The financing authority oversees the $3.7 billion U.Fund College Investing Plan, a 529 plan; and the $130 million U.Plan Prepaid Tuition Program.
The provider for both plans is Fidelity Investments.
Ms. Savery said in a telephone interview that since the programs are now approaching a combined $4 billion in assets, it was a “prudent management decision” to explore hiring an investment consultant.
The RFP is available here. Proposals are due at noon EST on Nov. 26. Finalist interviews are scheduled for the week of Dec. 10, with a selection scheduled for the week of Dec. 17. A three-year contract, with an option for two one-year extensions, will begin on Jan. 1.