New Jersey Division of Investment, Trenton, which manages investments for the $76.8 billion New Jersey Pension Fund, issued an RFP to hire as many as eight investment advisers for its internally managed high-yield fixed-income portfolio and two advisers for its internally managed municipal fixed-income portfolio.
Advisers for both portfolios “will provide non-discretionary investment advice, and all trades will be subject to pre-approval” of the division of investment, the RFP said.
The division currently has four advisers for its high-yield fixed-income portfolio — Logan Circle Partners, Nomura Asset Management, Post Advisory Group and Pacific Investment Management Co., Christopher Santarelli, a spokesman for the state Treasury Department, wrote in an e-mail.
Their contracts expire June 30, and they are invited to rebid on a three-year contract that takes effect July 1, Mr. Santarelli wrote.
The investment division expects high-yield fixed-income securities will represent 5.5% of total pension assets by June 30, according to the RFP. And the division expects municipal fixed income to represent 2% of total pension assets by June 30, the end of the current fiscal year, the RFP said.
The division is seeking advisers for its municipal fixed-income portfolio for the first time, Mr. Santarelli added. The contract, which will run for three years, also takes effect July 1.
Firms may apply for either adviser job or for both, according to the RFP, which is posted on the Treasury Department's website. Proposals are due May 13 at 3 p.m. EDT.
Investment consultant Hewitt EnnisKnupp is assisting.
