Colorado's Public School Investment Board, Denver, will launch two searches this summer for fixed-income managers to run a total of over $300 million for the state's $1.3 billion Public School Permanent Fund.
The board will issue an RFP in June and August, respectively, for a short-duration fixed-income manager to run about $105 million and a core fixed-income manager to run up to $200 million, according to materials for the board's May 15 meeting.
The searches were originally approved at the board's Feb. 27 meeting, first for the short-duration fixed-income manager because of the upcoming expiration of current manager Janus Henderson's contract on Oct. 31, and second for the new core fixed-income manager to provide further diversification. Funding for the latter portfolio would come from an internally managed portfolio that had $680 million in assets as of March 31, according to meeting minutes.
The short-duration fixed-income RFP is currently scheduled to be posted on the Colorado treasury department's procurement website on June 12. Proposals will be due at 4 p.m. MDT on July 14, with finalist presentations and a selection scheduled for Aug. 28.
The core fixed income RFP is currently scheduled to be posted on Aug. 21. Proposals will be due at 4 p.m. MDT on Sept. 15. Finalist presentations and a selection are currently scheduled for Oct. 23.
Registration is required on the procurement website.
Investment consultant Callan will assist with both searches.
The Public School Permanent Fund is an endowment funded by the state's School Land Trust.
Sheena Kadi, spokeswoman for the Colorado Department of the Treasury, could not be immediately reached for further information.
