Connecticut Retirement Plans & Trust Funds, Hartford, has issued an RFP to hire one or more currency overlay managers, according to an RFP on the website of the state treasurer's office.
State Treasurer Denise Nappier, the principal fiduciary of the $26.6 billion state pension system, announced her intention to issue an RFP for currency overlay managers for the system's $5.7 billion developed markets international stock fund on July 10.
The currency overlay managers will be responsible for, among other things, supervising and directing investments of a separately managed account and managing the foreign currency exposure to international developed markets equity securities, the RFP said.
Connecticut's pension system has one currency overlay manager, Pareto Investment Management, which is invited to rebid, Ms. Nappier told Pensions & Investments in an e-mail.
Pareto's contract expires Feb. 1, 2014, and the new contract will run for five years.
The RFP is available on the website of the state treasurer's office. Proposals must be submitted by noon EDT Aug. 2 to Gary L. Carter, interim deputy chief investment officer, Office of the State Treasurer, Sixth Floor, 55 Elm St., Hartford, CT 06106.
Managers will be interviewed in September and October, and a selection will be made in mid-December, the RFP said.