The New York State Deferred Compensation Plan, Albany, is searching for at least one manager to run some underlying fixed-income strategies as part of the plan's stable value account known as the Stable Income Fund.
The plan is looking for active fixed-income managers for investments that will be benchmarked to the Bloomberg Barclays U.S. 1-3 Year Government/Credit Bond index or the Bloomberg Barclays U.S. 1-5 Year Government/Credit Bond index, according to an RFP posted on the plan's website. The contract is for 10 years.
The plan has $23.4 billion in total assets as of Dec. 31, of which $6.94 billion is devoted to stable value.
The RFP only affects about $1.16 billion currently managed by Voya Investment Management, said David Fischer, executive director, in an email.
"We are issuing the RFP as a replacement for a Voya insurance separate account contract that will be entering wind-down," Mr. Fischer wrote, adding that Voya is invited to rebid.
Mr. Fischer said the plan is looking for firms to manage $500 million to $1 billion. "We could hire more than one provider, actually likely, and we may allocate to other existing managers under contract," he added.
Proposals are due by March 21. A hiring decision will be announced on or after May 14.
Allocation of funds will take place on or about Nov. 1, the RFP said.
