Nevada State Treasurer's Office, Carson City, hired Chicago Equity Partners to run $60 million in active domestic core fixed income and Vanguard Group to run a total of $210 million in passive domestic equities for the Permanent School Fund and Higher Education Prepaid Tuition Trust, confirmed Mark Mathers, chief deputy treasurer.
Chicago Equity Partners will run the core fixed-income portfolio for the $126 million Higher Education Prepaid Tuition Trust 529 plan, while Vanguard will run $63 million in large-cap, $11 million in midcap and $6 million in small-cap equities for the 529 plan.
Vanguard will also run $103 million in large-cap, $18 million in midcap and $9 million in small-cap equities for the $300 million Permanent School Fund.
An RFP was issued in May. BNY Mellon Asset Management was the sole manager of all of the prepaid trust's assets and was a finalist for both the domestic equity and fixed-income portfolios. The permanent school fund was previously 100% internally managed.
State Street Global Advisors was the other equity finalist and C.S. McKee was the other fixed-income finalist.
The treasurer's office oversees the assets of the school fund and tuition trust.