Alabama Prepaid Affordable College Tuition Program, Montgomery, is searching for domestic core fixed-income managers, said Barry Bryant, managing director at Dahab Associates, the $103 million 529 plan’s investment consultant.
The Alabama treasurer’s office, which oversees the plan, is issuing an RFP because state law requires the services be put up for bid periodically. The search is for the entire $103 million, which is 100% in fixed income.
Current managers are Longfellow Investment Management and MacKay Shields. Each now runs $47 million; they are invited to rebid. The remaining $9 million is in cash.
Proposals are due at 5 p.m. EDT on July 10. A timetable for a decision has yet to be determined.
The RFP is available here.
