Hawaii Deferred Compensation Plan, Honolulu, is planning to search for an equity manager to potentially replace domestic large-cap core equity manager Victory Capital Management, said Cynthia Akiyoshi, personnel management specialist for benefits administration in Hawaii’s Department of Human Resources Development, in an e-mail.
Once approved, an RFP is expected to be available on the state’s department on human resources website. A timeline for when the RFP will be posted or hiring decision made could not immediately be learned.
The 457 plan has about $2 billion in assets and about $51.2 million invested in the Victory Institutional Diversified Stock Fund.
The search is being conducted due to the strategy’s long-term underperformance. Victory is invited to rebid, Ms. Akiyoshi wrote.
A Victory spokesman declined to comment.