Maryland Teachers & State Employees Supplemental Retirement Plans, Baltimore, hired Galliard Capital Management as its stable value manager, confirmed Michael Halpin, executive director.
Galliard will start Feb. 1 when the contract of current manager Deutsche Asset & Wealth Management ends. Goldman Sachs Asset Management, which bought Deutsche Bank's stable value business in September, was invited to rebid, Mr. Halpin said in a telephone interview. The contract is for five years, with the option to renew.
The plans — a 401(k) plan, 401(a) plan, a 403(b) and 457 plan — have combined assets of $2.9 billion, of which $800 million is in stable value. The 403(b) plan is not allowed to be in stable value, Mr. Halpin said.