The Office of Treasurer Erick Russell

Selection Criteria

Selection Criteria for Providers of Investment Related Services

In accordance with the Treasury's Investment Policy Statement for the Connecticut Retirement Plans and Trust Funds (CRPTF), the Treasurer will prudently select money managers, investment managers and consultants based on their respective expertise relative to the investment mandate they seek to fulfill or the investment service they seek to provide.

The selection process of investment managers and consultants is as follows:

  • A competitive bidding process as defined by the State's procurement and purchasing laws and standards or, where appropriate and practicable, the use of a predetermined uniform system for evaluating competing proposals and for otherwise determining the merits of an investment manager within the industry. The standard by which any and all selection procedures are determined should not impede the Treasurer's ability to compete in the marketplace for high quality investment-related services.
  • A thorough due diligence process which establishes an understanding of and comfort level with the firm's capabilities, organization, track record, institutional expertise, and investment philosophy (where relevant).
  • Consideration of the firm's diversity policies and practices, corporate responsibility and citizenship.
  • Disclosures from any potential firm will be required regarding any third party fees paid, as defined in Section 3-13j of the Connecticut General Statutes and other required disclosures in force and effect at the time of the selection process.

Before the retention of any money manager, investment manager or professional consultant, the Treasurer will present her recommended firm(s) to the Investment Advisory Council (IAC) for their consideration. After such presentation, unless waived by a vote of the IAC, the IAC will have up to forty-five days to review and comment upon any proposed contract prior to the execution of a contract by the Treasurer.

Additional Information
For additional information about the Connecticut Retirement Plans and Trust Funds, please review:
Domestic Equity Brokerage Program
Connecticut Horizon Fund Program