Corrected Aug. 16, 2013.
Massachusetts Deferred Compensation SMART Plan, Boston, is seeking managers to provide three active equity options and one active REIT option for the $6.1 billion 457 plan.
Managers are being sought for large-cap value, large-cap blend and small-cap equity as well as the REIT option. The four options have a total of $1 billion.
The contracts with the options' current managers — Eaton Vance Management for large-cap value, Fidelity Investments for large-cap blend, Wellington Management for small caps and Invesco for REITs — are set to expire, said Jon Carlisle, spokesman for the Massachusetts state treasurer's office, which oversees the plan. The firms can rebid.
“We hope the competitive nature associated with a bidding process could result in more competitive costs for us,” Mr. Carlisle said.
The search document is available on Massachusetts' procurement website.
Proposals are due at 4 p.m. EDT Sept. 30. No date for a selection has been set.
The plan has 29 investment options, including 12 target-date funds and a brokerage window. Great-West Retirement Services is the plan's third-party administrator.
