Searches And Hires
The 529 plan has issued an RFP seeking an investment manager due to the upcoming contract expiration of its incumbent manager, which has been providing the services since 2003.
The plan is looking to hire three managers to handle a total of more than $1.6 billion.
The commitments to three firms represent new relationships.
The investment advisor will serve for a three-year term.
The state investment management board is searching for a long-only separate account manager for the asset class.
Direct lending would represent a new strategy for the plan.
The pension fund’s 3% portfolio to the asset class is currently held in an index fund.
The plan is seeking managers to handle $30 million.
The search was approved at the retirement association’s board meeting on Wednesday.
The plan last conducted a general investment consultant search in 2018.
