Searches and Hires

N.Y. State Deferred Compensation on lookout for stable value managers

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.