New York State Deferred Compensation Plan, Albany, issued an RFP for at least one manager or insurance firm to run from $400 million to $1 billion in fixed income for the plan's Stable Income Fund investment option.
The $15.9 billion deferred compensation plan's board may select one or more providers, according to the RFP.
The assets currently are managed either in a $600 million BlackRock short-term fixed-income portfolio or a $436 million Goldman Sachs Asset Management intermediate-term fixed-income portfolio, Sharon Lukacs, associate director, said in an interview Thursday. Their contracts expire Sept. 30; both can rebid, she said.
The exact amounts of the assignments won't be known until the bids are evaluated, Ms. Lukacs said.
BlackRock and GSAM are among the seven submanagers in the Stable Income Fund, along with two wrap providers and three separate account issuers, according to the RFP.
The other submanagers are Babson Capital Management, Earnest Partners, ING Investment Management, Jennison Associates and MacKay Shields.
The RFP is available on the plan's website.
Proposals are due March 14; a selection will be made in mid-May and the managers are expected to begin Oct. 1, the RFP said.
Investment consultant Callan Associates is assisting.
