California Department of Human Resources, Sacramento, is searching for an active midcap growth manager to run $618 million and an active midcap value manager to run $297 million for the state's $13.7 billion Savings Plus program's 457(b) and 401(k) plans. It is also looking to allocate $1.6 billion to two short-duration fixed-income managers for its 457(b), 401(k) and 401(a) plans.
The midcap managers selected through this process could replace the incumbent midcap managers, the equity RFP said, although it did not identify the current managers or state whether they may rebid.
The value strategy must be benchmarked against the Russell Midcap Value index and the growth strategy, against the Russell Midcap Growth index. Proposed strategies must have at least $3 billion in assets under management as of Dec. 31.
For the fixed-income mandate, separate accounts, commingled trust funds, low-cost retail mutual funds and institutional mutual funds that can operate in a daily valued record-keeping environment will be considered, the RFP stated.
Both RFPs are available on the state's procurement website. Proposals for both searches are due by 3 p.m. PST on March 28. Midcap equity contracts are expected to be signed by Oct. 1, and short-duration agreements, by Sept. 4.
Further information was not available; CalHR contracts manager Katie Paige could not be immediately reached for comment.
