Updated with correction
Arizona State Treasurer's Office, Phoenix, is searching for investment managers for its $13.1 billion in total assets, which include the $5.1 billion Permanent Land Endowment Trust Fund, spokesman Sean Dollman said.
The office issued an RFP due to a state law that requires putting investment management services up for bid every three years. Mr. Dollman said the funds are almost entirely internally managed, with about $400 million currently managed by external managers throughout all the funds.
Mr. Dollman said there is no specific range of assets the treasurer's office is looking to assign to external managers, and it could be anywhere from no assets to the entire $13.1 billion.
As of Dec. 31, the allocation of the Permanent Land Endowment Trust Fund was 37.1% passive domestic large-cap equities, 36.8% passive domestic fixed income, 15.9% passive domestic midcap equities and 10.2% passive domestic small-cap equities.
All other funds, which include the state's operating funds, are exclusively in fixed income.
The RFP is available on the National Association of State Treasurers' website. Proposals are due at 2 p.m. MST on June 1. A timetable for a decision has yet to be determined.