Indiana Public Retirement System, Indianapolis, is conducting a shortlist search for a stable value manager for its $5.6 billion annuity savings account, said Jeff Hutson, spokesman for the $28.6 billion pension fund.
The manager would replace Northern Trust, which is liquidating its $900 million stable value fund.
Capital Cities, consultant for the ASA, will contact prospective stable value providers, Mr. Hutson said; no RFP is being issued.
The ASA has $1.2 million in its stable value fund and another $12 million in stable value exposure in its target-date funds, Mr. Hutson said.
A manager is expected to be selected by April, he said.