New York State Deferred Compensation Program, Albany, hired Fidelity Investments and Principal Global Investors as international equity managers, said David E. Fischer, executive director, in an email.
The $32.5 billion 457 plan issued an RFP in July for international equity managers because the contracts of existing managers currently managing a $682 million white-label investment option and $179 million passively managed option were expiring.
The plan's governing board originally approved the RFP at its Feb. 26 meeting. Active managers Dimensional Fund Advisors, MFS Investment Management and Wellington Management and passive manager Northern Trust Asset Management were invited to rebid, but Mr. Fischer noted they could not do so with separate accounts. Only collective investment trusts and mutual funds were allowed.
All incumbent managers rebid except for Dimensional Fund Advisors, Mr. Fischer said.
Fidelity's Global ex-US Index Fund will receive mapped assets from the Northern Trust option, while Fidelity's International Capital Appreciation Fund will not receive any mapped assets.
The Principal Diversified International CIT will receive assets from the current active white-label option and underlying managers.
Investment consultant Callan assisted.