New York State Common seeks fixed-income consultants

The New York State Common Retirement Fund, Albany, is searching for fixed-income consultants for the pension fund's internally and externally managed fixed-income portfolio.

The RFP said the pension fund had $34 billion in internally managed core fixed-income securities, including $14.4 billion in directly held corporate bonds in 264 companies as of June 30, according to the latest available data.

The consultants' responsibilities include reviewing and consulting on the fixed-income portfolio, such as “appropriate asset allocation objectives, performance goals and selection criteria,” said the RFP, which is posted on the website of state Comptroller Thomas Di Napoli, the sole trustee of the $186 billion pension fund. The consultants also will “monitor the externally managed core and non-core fixed-income portfolios,” the RFP said. The pension fund had $3.7 billion in externally managed fixed-income investments with four separately managed accounts as of June 30, the RFP said. In addition, consultants will “recommend those managers that offer the best investment opportunities for the fund,” the RFP said.

The RFP did not identify the current fixed-income consultants. Matt Sweeney, a spokesman for Mr. DiNapoli, did not provide additional information by press time.

The new contract will run for five years, starting June 1, 2017.

The RFP is available on the comptroller's website. Registration is required.

Proposals are due at 4 p.m. EDT March 21. Interviews will be conducted in April, and a hiring decision will be announced in late April.