The impetus for this search is the recent addition of § 23B to M.G.L. c. 32, which concerns requirements for procurement and contracts of investment services (and others) wherein it states that contracts are limited to 5 years. When the new procurement law was added, the FRRS Board decided to spread out the contract renewal schedule to do only one or two managers each year to avoid a huge changeover every 5 years. First on the annual schedule is the FRRS Board’s fixed income account currently managed by Income Research & Management (“IR&M”). The FRRS Board has enjoyed its relationship with IR&M over the years, and looks forward to many more should IR&M be the successful manager again – and although this search satisfies compliance, the Board appreciates the spirit behind the law – which is to actively seek better performance of invested assets in an open manner.
Good luck to all the managers responding to the RFP. The FRRS Board appreciates your interest and looks forward to meeting you all.