New York State Common Retirement Fund, Albany, issued an RFP for at least one firm to conduct investigative due diligence, according to a posting on the website of state Comptroller Thomas DiNapoli, the sole trustee of the $181.7 billion pension fund.
The pension fund could choose more than one firm.
The firm or firms will conduct background checks on investment management firms and their principals, general partners and/or managers who are seeking investment contracts with the pension fund, the RFP said. The RFP can be requested on the comptroller’s website. Registration is required.
Two firms — Corporate Resolutions and Financial Risk Mitigation — now provide investigative services for the pension fund. Their contracts expire July 15, “so we needed to go out to bid for these services,” said Matthew Sweeney, a spokesman for Mr. DiNapoli, in an e-mail. Both firms are invited to rebid.
Proposals are due by 4 p.m. EDT April 20, the RFP said. Interviews will be conducted in mid-May and contracts should be awarded by late May.