New York State Deferred Compensation Plan, Albany, rehired Goldman Sachs Asset Management as the plan’s stable value structure manager to provide administrative services, analysis and evaluation of the plan’s Stable Income Fund.
The rehiring was approved by the plan’s governing board Friday at its quarterly meeting. The contract takes effect Oct. 1, and it will run for five years with the possibility of two one-year extensions, said David Fischer, executive director of the $18.6 billion plan, in an interview.
The stable value structure manager is responsible for managing the risk characteristics of the Stable Income Fund, including liquidity strategy, credit quality and duration. The manager provides advice, analysis and recommendations to board members for selecting portfolio managers and providers of wrapped separate account fixed-income products. The manager also provides monthly reports that review and evaluate the performance of the Stable Income Fund.
Stable value accounts for about $6.4 billion, or about 34%, of plan assets.
The deferred compensation plan issued an RFP in January. Staff and representatives from Callan Associates, the plan’s investment consultant, interviewed three finalists. Mr. Fischer declined to identify the other candidates.