Arizona Board of Regents, Phoenix, hired CAPTRUST Financial Advisors as investment consultant for the Arizona University System’s 401(a) optional retirement plan and voluntary 403(b) plan, said Catherine Thart, manager, strategic sourcing, purchasing and business services.
The board issued an RFP in April due to the system’s requirement that services go out to bid every five years. Current consultant Mercer was invited to rebid.
Ms. Thart did not provide further information regarding finalists or whether Mercer rebid.
The 403(b) plan has about $617 million in assets, while the size of the 401(a) plan was not provided.