The New York State Deferred Compensation Plan, Albany, issued three RFPs in search of managers for active emerging markets equity, passive U.S. core fixed income and active core-plus fixed income totaling about $1 billion.
Each of the RFPs has been issued for contracts expiring March 31, and each incumbent manager is invited to rebid, said David Fischer, executive director of the $18.6 billion deferred compensation plan, in an e-mail.
Each contract will take effect April 1 and can run up to 10 years, he wrote. The plan is seeking one manager for each search, he added.
The incumbent emerging markets equity manager is Morgan Stanley Investment Management, which runs $272.6 million through its Morgan Stanley Emerging Markets Fund. Vanguard Group manages $526.8 million in passive U.S. core fixed income in its Vanguard Total Bond Index Fund; and Federated Investors manages $220.8 million in active core-plus bonds in its Federated Investors Total Return Government Bond Fund.
Proposals for all three searches are due July 29; finalists will be interviewed in September.
Investment consultant Callan Associates is assisting. The RFPs are available on Callan’s website.
