New York State Deferred Compensation Plan, Albany, has hired Wellington Management, Longfellow Investment Management and Voya Investment Management to manage about $1.1 billion total in fixed-income investments as part of the plan's stable value fund.
The hires are subject to contract negotiations, said David E. Fischer, executive director, in an email Monday. The allocations will be determined later.
The hires were approved May 11 at the quarterly meeting of the $23.6 billion plan's governing board. The contracts are scheduled to begin Nov. 1 and will run for 10 years, Mr. Fischer wrote.
Voya has been the incumbent, managing the full amount. The New York plan issued an RFP in February. At the time, Mr. Fischer explained that the RFP was being issued because Voya's contract was winding down.
