Connecticut State Treasurer's office issued an RFP seeking passive investment management services for the $36 billion Connecticut Retirement Plans & Trust Funds, Hartford.
The state is seeking any type of passive mandate or exchange-traded fund, including fixed income, equities, real estate or commodities market segments. The treasurer’s office is looking to initially allocate between $5 billion to $6 billion to multiple strategies managed by possibly two to three managers, said Jackie Primeau, spokeswoman for the office.
The search is being conducted because its contracts with its existing manager are expiring soon. Plus, the treasurer wants to expand the number of managers it hires. State Street Global Advisors is the current manager and is welcome to rebid.
The RFP is available on the state treasurer's website. Proposals are due by 4 p.m. EDT Aug. 30. A selection is expected to be made in September. The treasurer's office plans to enter into a contract for an eight-year term, beginning Nov. 1.