Maryland College Savings Plans, Baltimore, is searching for an investment consultant, said an RFP issued Tuesday.
The plans consist of the Maryland Prepaid College Trust, which is managed internally, and the Maryland College Investment Plan, for which T. Rowe Price Associates is the administrator. Total assets exceed $4.5 billion. The Maryland College Investment Plan, which has 15 investment options, had $4 billion as of Jan. 31, according to the RFP.
The investment consultant advises the board on investment policies and assists in selection of investment managers, said Susanne Brogan, Maryland deputy treasurer for public policy, in an e-mail.
The search is being conducted because the contract of current investment consultant, Wilshire Associates, will expire June 30. Wilshire is eligible to rebid, Ms. Brogan said.
The three-year contract runs July 1 through June 30, 2019, with two, one-year renewal options.
Eligible bidders must have at least five years’ experience working with state or local governments, and with 529 plans or similar investment programs.
The RFP is available on a state procurement website. Proposals are due by 2 p.m. EDT on April 1. The tentative contract award date is May 27.