Key Takeaways
- • The New York State Deferred Compensation Plan in Albany is seeking managers for two active fixed income mandates that sit within its $8.5 billion stable value fund, according to an RFP posted on the governing board's website.
- • The intermediate core mandate is benchmarked to the Bloomberg Intermediate Aggregate Index or Bloomberg Intermediate Government/Credit Index, and the short-duration mandate to the Bloomberg 1-3 Year Government/Credit Index or Bloomberg 1-3 Year Government Index.
- • Each successful candidate will manage between $400 million and $800 million, with current short-duration mandate assets of $1.1 billion and intermediate mandate assets of $1.2 billion.
- • The RFP was issued because contracts with four incumbent managers expire in September 2027; Earnest Partners and MacKay Shields hold the short-duration mandates, while Jennison Associates and Loomis Sayles hold the intermediate mandates, and all four are invited to bid.
- • Applications are due Nov. 18, 2026, with finalists selected Jan. 13, 2027, and contracts starting Oct. 1, 2027 for an initial 10-year term plus two optional one-year extensions.
Summary
The New York State Deferred Compensation Plan, Albany, is soliciting proposals for two active fixed income mandates, both of which are underlying investments in the plan's $8.5 billion stable value fund. The plan, which has $49.8 billion in total assets, published the request for proposals on its governing board's website. Executive Director Sharon Lukacs confirmed the timing and scope of the search in an email.
The intermediate core mandate is benchmarked to either the Bloomberg Intermediate Aggregate Index or the Bloomberg Intermediate Government/Credit Index. The short-duration mandate is benchmarked to either the Bloomberg 1-3 Year Government/Credit Index or the Bloomberg 1-3 Year Government Index. Assets currently allocated to the short-duration mandate total $1.1 billion, and intermediate mandate assets total $1.2 billion. Each successful candidate will manage between $400 million and $800 million.
The RFP was prompted by the expiration of four fixed income manager contracts in September 2027. Earnest Partners and MacKay Shields are the incumbent short-duration managers, while Jennison Associates and Loomis Sayles run the intermediate mandates. All four incumbents are invited to bid.
The procurement timeline sets applications due Nov. 18, with finalists to be selected Jan. 13, 2027, interviews in late January, and winners notified in mid-February. Contracts begin Oct. 1, 2027, and will run 10 years with the option of two additional one-year extensions.
The intermediate core mandate is benchmarked to either the Bloomberg Intermediate Aggregate Index or the Bloomberg Intermediate Government/Credit Index. The short-duration mandate is benchmarked to either the Bloomberg 1-3 Year Government/Credit Index or the Bloomberg 1-3 Year Government Index. Assets currently allocated to the short-duration mandate total $1.1 billion, and intermediate mandate assets total $1.2 billion. Each successful candidate will manage between $400 million and $800 million.
The RFP was prompted by the expiration of four fixed income manager contracts in September 2027. Earnest Partners and MacKay Shields are the incumbent short-duration managers, while Jennison Associates and Loomis Sayles run the intermediate mandates. All four incumbents are invited to bid.
The procurement timeline sets applications due Nov. 18, with finalists to be selected Jan. 13, 2027, interviews in late January, and winners notified in mid-February. Contracts begin Oct. 1, 2027, and will run 10 years with the option of two additional one-year extensions.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.