Delaware Office of the State Treasurer, Dover, is searching for up to three money managers for the two endowment trusts it oversees.
The office issued an RFP for up to three money managers for the trust, which consists of the Delaware Land and Water Conservation Trust Fund and Division of Parks and Recreation endowment account, because the contracts of the current three managers are expiring, spokesman Carl Kanefsky said in an email. The current managers are invited to rebid, Mr. Kanefsky said.
The current three managers, all of which run asset allocation portfolios, are SEI Investments, which runs $26 million; J.P. Morgan Asset Management, which runs $25 million; and Morgan Stanley Investment Management, which runs $24 million, according to the latest performance report. The trusts have a combined $75 million in assets.
The RFP is available on the state of Delaware's procurement website. Proposals are due at 4 p.m. EDT on March 13. A selection is scheduled for July 1.