New York State Deferred Compensation Plan, Albany, rehired three fixed-income managers for the plan’s Stable Income Fund and added a new manager.
MacKay Shields, EARNEST Partners and Jennison Associates are incumbents, said David E. Fischer, the plan’s executive director, in an email Monday. The newcomer is Loomis, Sayles & Co.
The aggregate amount of money they will manage is $2.3 billion, “Everything is contingent on contract negotiations,” Mr. Fischer wrote. “Amounts to be allocated are to be determined.”
He said MacKay Shields and EARNEST Partners will manage short-duration bonds; Jennison Associates and Loomis Sayles will manage intermediate-duration bonds.
Mr. Fischer said the $21.3 billion deferred compensation plan had issued RFPs because contracts for the incumbent managers were expiring later this year. The new contracts take effect Oct. 1, and each will run for 10 years, he said.
The new contracts were approved by the deferred compensation plan’s governing board May 19.
