Investment Management Services

Summary (Newest Update)

Background The Office of the State Treasurer (OST) of Delaware, on behalf of the Cash Management Policy Board (the Board), is issuing a Request for Proposal (RFP) for qualified firms to provide investment management services. The selected vendors will manage the State's $6.2 billion fixed-asset portfolio according to the investment architecture and guidelines approved by the Board. The Board has statutory authority over the investment and deposit of State funds and consists of nine members, including five appointed by the Governor. The overarching goal is to engage vendors that can deliver strong performance while balancing safety, liquidity, and yield. Work Details Vendors are expected to provide fixed-income investment management services for Delaware's cash management portfolio. This includes managing a diversified portfolio with a target allocation of 25% to liquidity managers and 75% to reserve managers, while maintaining compliance with established guidelines that dictate allowable investments and concentration limits. Vendors must also deliver comprehensive reporting, participate in periodic meetings with OST and the Board, and utilize the Nasdaq eVestment database for performance analysis. Detailed requirements are outlined in Appendix B. Period of Performance The contract term is five years with three one-year extension options at OST's discretion, subject to Board approval. Implementation is set to start on February 2, 2027. Place of Performance Services will be performed in Delaware, specifically managed from the OST office located at 820 Silver Lake Boulevard, Suite 100, Dover, DE. Bidder Requirements Vendors must have at least five years of continuous experience in investment management services and manage a minimum of $500 million in assets as of December 31, 2025. They must also populate the Nasdaq eVestment database with firm and product information as part of their proposal submission.