Investment Management Services

REQUEST FOR PROPOSAL FOR
INVESTMENT MANAGEMENT SERVICES
ISSUED BY THE OFFICE OF THE STATE TREASURER
CONTRACT NUMBER: TRE26102-IMS
Overview
By this request for proposal (the "RFP"), the Office of the State Treasurer ("OST"),
on behalf of the Cash Management Policy Board (the "Board"), is seeking proposals
from qualified firms ("Vendors") interested in providing investment management
services to the State of Delaware ("State") as detailed in the extended Appendix B.
The selected Vendors collectively will manage the State's $6.2 billion fixed-asset
portfolio in accordance with the management structure (referred to herein as
"investment architecture") and investment objectives and guidelines approved by the
Board.
This RFP is issued pursuant to 29 Del. C. 6981, 6982(b) and 6986.
Timetable
The tentative timetable for this RFP process is as follows:
EVENT DATE
RFP Published May 4, 2026
Deadline for Vendor Questions May 22, 2026
Deadline for State Responses - Q&A Closed & Published June 5, 2026
Deadline for Vendor Proposal Submission June 19, 2026
Finalist Presentations (Virtual) July 20-24, 2026
Estimated Board Approval August 26, 2026
Contract Negotiation Begin September 7, 2026
Contract Execution December 31, 2026
Award Notification January 31, 2027
Implementation to Start February 2, 2027
There will be no pre-bid meeting associated with this RFP.
This RFP is not an offer. The State reserves the right to cancel this RFP or modify the above RFP
dates at any time, and for any reason.
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Vendors are expected to fully inform themselves of, and by submitting a proposal shall be deemed
to have read, understood and unconditionally and irrevocably accepted, all conditions,
requirements, and specifications of this RFP and all attachments and exhibits, subject only to the
exception process provided for herein.
Proposal to Remain Open
Vendors that submit a proposal in response to this RFP shall be deemed automatically to have
consented and irrevocably agreed to keep any such proposal open for six (6) months after the
deadline for Vendor proposal submissions, or for such additional period as the State and any
Vendor may agree upon. Rates and fees quoted in a proposal shall remain fixed and binding on
the Vendor.
Contract Term
The original term of the contract between each successful Vendor and the State shall be five years,
with OST having three one-year extension options, each exercisable in OST's sole discretion,
subject only to Board approval.
Vendor Eligibility: Any Vendor that does not meet the following criteria will not
qualify for this RFP process:
(1) Vendor must have continuous performance of at least 5 years; and,
(2) A minimum of $500 million in assets under management as of December 31, 2025.
(3) Populating the Nasdaq eVestment database with your firm and product information is
a requirement for the completion of this RFP. If the database is not fully populated,
your firm's response will be considered incomplete.
Designated Contact:
This RFP process will be managed primarily by the Director of Operations and Fund Management
with additional support from the Cash Manager (the "Designated Contacts"):
Name: Fiah M. Kwesseu
Title: Director of Operations and Fund Management
Address: 820 Silver Lake Boulevard, Suite 100
City / State: Dover, DE
Zip code: 19904
Email: Treasury_RFP@delaware.gov
Phone: (302) 672-6708
Name: Richard S. Zbyszynski
Title: Cash Manager
Address: 820 Silver Lake Boulevard, Suite 100
City / State: Dover, DE
Zip code: 19904
Email: Treasury_RFP@delaware.gov
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Phone: (302)-672-6725
Submission of Written Questions
All questions about the RFP shall be submitted to the Designated Contacts listed above via e-mail
on or before 4:00 p.m., prevailing Eastern time, on May 22, 2026.
Questions should be directly tied to the RFP and asked in consecutive order from beginning to
end, following the organization of the RFP. Each question should begin by referencing the RFP
page number, heading and subject number to which it relates.
The State will provide written responses to questions from prospective Vendors no later than June
5, 2026. Responses will be placed on https://mmp.delaware.gov/Bids.
Background
The Cash Management Policy Board
The Board has statutory authority over the investment and deposit of State funds, including the
selection of financial institutions that provide investment and banking services to the State. The
Board consists of nine (9) members, including five (5) Delaware citizens appointed by the
Governor. The remaining four (4) members serve ex officio and include the State Treasurer, the
Secretary of Finance, the Secretary of State, and the Controller General.
The Board maintains two standing committees: the Investment Subcommittee (ISC) and the
Banking Subcommittee (BSC). The ISC is authorized to review, address, and make
recommendations to the full Board regarding investment management services and the allocation
of funds across investment portfolios. The Board also engages an independent investment advisor,
NEPC, LLC, to provide investment-related guidance.
The Board meets at least four times annually, and each standing committee also meets at least
four times per year.
Delaware's investment portfolio is governed by policies established by the Board and outlined in
the Cash Management Policy Board Guidelines (the "Guidelines"), attached as Appendix C. The
portfolio is constructed and managed in accordance with three primary objectives: safety
(security), liquidity, and yield.
The portfolio is comprised exclusively of high-quality fixed-income assets, with allowable
investments defined by the Guidelines. The Guidelines also establish concentration limits by
security type, industry, issuer, and issuer domicile, reflecting the Board's risk tolerance with
respect to credit and default exposure. At this time, the Board does not anticipate changes to these
parameters.
The current investment structure includes six (6) investment managers: two (2) designated as
liquidity managers and four (4) designated as reserve managers. The primary distinction between
these roles is the permitted maturity of investments. Liquidity managers are generally restricted
from holding securities with maturities exceeding two (2) years, while reserve managers may hold
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securities with maturities of up to ten (10) years, provided the average portfolio duration does not
exceed seven (7) years.
Over the past two and one-half years, the portfolio has averaged approximately $5.8 billion in
total assets. Pursuant to Board Resolution 2025-1 and the established Investment Architecture,
OST is required to maintain a target allocation of 25% to liquidity managers and 75% to reserve
managers, within a tolerance of 5% (the "25/75 Mandate"). Additionally, the Guidelines require
that portfolio withdrawals be executed on a pro rata basis across both liquidity and reserve
managers.
Historically, the Board has approved the selection of vendors to provide investment management
services.
As of 03/31/26, the State's fixed income holdings were as follows:
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The Office of the State Treasurer
OST serves as the administrative arm of the Board and coordinates all meetings of the Board and
its committees. OST also has primary responsibility for providing investment management
services that ensure sound fiscal stewardship over the State's financial assets, systems, and
processes. OST is responsible for the design, implementation, management, and continuous
improvement of the State's banking structure. OST manages the State's relationships with all
Board-approved investment managers.
Scope of Services
On behalf of the Board, the Office of the State Treasurer (OST) seeks to enter into agreements with
qualified investment management firms to provide fixed-income investment management services
for the State's cash management portfolio. The overarching goal of this RFP is to engage vendors
that can deliver strong performance within the State's Investment Architecture while providing
ongoing strategic insight to support the Board in balancing its three core investment objectives:
safety, liquidity, and yield.
In addition to providing investment management services, selected investment managers will be
required to deliver comprehensive reporting, participate in periodic meetings with OST, the Board,
and/or the Board's consultant, and perform other related services as reasonably requested.
As part of the evaluation process, vendor responses-along with product and performance data-
will be analyzed using a third-party database utilized by the Board's consultant, NEPC, LLC. This
database is provided by Nasdaq eVestment (www.nasdaq.com/solutions/evestment). Completion
and full population of the Nasdaq eVestment database with the firm's and product's information is
a mandatory requirement for this RFP. Submissions that do not meet this requirement will be
considered incomplete.
Detailed requirements for the Scope of Services requested under this RFP are outlined in Appendix
B.
Minimum Requirements to Apply
Proposals that do not meet the following minimum requirements, or that do not comply with the
specifications or material terms and conditions of this RFP, may be considered non-responsive
and rejected. Vendors must clearly demonstrate in their proposals how they meet the following
minimum qualifications:
1. The Vendor must have at least five (5) years of continuous experience providing
investment management services requested pursuant to this RFP.
2. The Vendor must have a minimum of $500 million in assets under management as of
December 31, 2025
3. The Vendor should have experience providing investment management services to
government entities.
4. The Vendor must be independent and able to make recommendations to the Board and
OST free from conflicts and solely in the best interest of the State.
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5. The Vendor must be willing to disclose and describe, on a confidential basis, if
appropriate, all direct ownerships interests in, or any reseller, consulting or other business
relationships with, any investment services vendor as provided herein.
OST does not wish to dissuade an otherwise qualified Vendor from submitting a proposal based
on the foregoing minimum requirements if legitimate business reasons or industry practices
mitigate or eliminate the need for any such requirement. A Vendor who fails to meet a minimum
requirement must explain in detail in its response the reason or reasons why OST should
excuse non-compliance. OST shall have discretion to accept or reject any such explanation and
waive any minimum qualification requirement.
RFP Issuance and Submission of Proposals
A. RFP Issuance
1. Public Notice
Public notice has been provided in accordance with 29 Del. C. 6981.
2. Obtaining Copies of the RFP
This RFP is available in electronic form only and as a courtesy, may be found at the
following websites:
https://treasurer-delaware.bonfirehub.com/projects
http://treasurer.delaware.gov/requests-proposals/
https://nast.org/state-careers-and-rfps/
https://mmp.delaware.gov/Bids
Assistance to Vendors with a Disability
Vendors with a disability may receive accommodation regarding the means of
communicating this RFP or participating in the procurement process. For more
information, contact the Designated Contacts no later than ten days prior to the deadline
for receipt of proposals.
3. RFP Designated Contact
All requests, questions, or other communications about this RFP shall be made in writing
to the Designated Contacts. Communications must be submitted electronically to the
following email address: Treasury_RFP@delaware.gov.
4. Vendors and Legal Counsel
OST may retain professional services or legal counsel to assist in the review and
evaluation of this RFP and the Vendors' responses. Vendors shall not contact OST's
professionals or legal counsel on any matter related to the RFP unless so instructed in
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writing by the Designated Contacts. Vendors who make contact in violation of this
provision may be disqualified from participation in the RFP process. Exceptions exist
only for Vendors currently doing business with the State who require contact with such
professionals or legal counsel in the ordinary course of business.
5. Contact with Other State Employees
Direct contact with State employees other than the Designated Contacts regarding this
RFP is expressly prohibited without prior written consent from the primary Designated
Contact. Vendors who directly contact a State employee in violation of this provision may
be disqualified from participation in the RFP process. Exceptions exist only for Vendors
currently doing business with the State who require contact with State employees in the
ordinary course of business.
6. Organizations Ineligible to Bid
Any individual, business, organization, corporation, consortium, partnership, joint
venture, or any other entity currently debarred or suspended from conducting business in
the State or any other jurisdiction for any reason may be deemed ineligible to respond to
this RFP.
7. Exclusions
The State reserves the right to refuse to consider any proposal from a Vendor who itself
or its officers or staff:
a) Has been convicted for commission of a criminal offense as an incident to obtaining
or attempting to obtain a public or private contract or subcontract, or in the
performance of the contract or subcontract;
b) Has been convicted under state or federal statutes of embezzlement, theft, forgery,
bribery, falsification or destruction of records, receiving stolen property, or other
offense indicating a lack of integrity or honesty;
c) Has been convicted or has had a civil judgment entered for a violation of any state or
federal antitrust statute;
d) Has failed:
i. Without good cause to perform under a consulting contract; or
ii. To perform satisfactorily in accordance with terms of any consulting contract;
e) Has violated ethical standards set out in law or regulation; and
f) Any other cause determined by OST or the Board to be serious and compelling, and
which undermines confidence in the Contractor's ability to perform independently
under any resulting consulting contract.
8. No Press Releases or Public Disclosure
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OST reserves the right to pre-approve any news or broadcast advertising releases
concerning this RFP, the resulting contract, the work performed, or any reference to the
State with regard to any project or contract performance. Any such news or advertising
releases pertaining to this RFP or resulting contract shall require the prior express written
permission of OST.
9. RFP Not an Offer
This RFP does not constitute an offer by OST, the Board or the State.
B. Submission of Proposals
1. Proposal Content
Each proposal must be submitted in writing and respond to the items outlined in this RFP.
OST reserves the right to reject any non-responsive or non-conforming proposals.
The State discourages overly lengthy and costly proposals and prefers that they be
prepared in a straightforward and concise manner. Unnecessarily elaborate brochures or
other promotional materials beyond those sufficient to present a fully responsive proposal
are not desired.
Proposals must be realistic and must represent the best estimate of time, materials and
other costs, including the impact of inflation and any economic or other factors that are
reasonably predictable. The State shall have no responsibility or liability for a Vendor's
failure to accurately estimate the costs or resources required to meet the obligations
defined in the proposal.
A Vendor should describe in detail on Attachment 3 any areas where it will be unable to
provide services as requested or required herein. In addition, if a Vendor is able to provide
the services exactly as requested or required but believes that there would be benefits (such
as cost savings or improved service) to making adjustments to the services outlined, the
Vendor should describe the adjustments and the benefits on Attachment 3. Acceptance
or rejection of any or all exceptions is within OST's sole discretion.
Vendor must respond to all mandatory requirements presented in this RFP. The words
"shall," "will," and "must" are used herein to designate mandatory requirements. Failure
to respond to a mandatory requirement may, in OST's discretion, result in the
disqualification of a Vendor from the RFP process.
2. Proposal Delivery
All proposals must be received no later than 4:00 p.m., prevailing Eastern time, on
June 19, 2026 (the "Proposal Deadline"). Responses received after the Proposal Deadline
will not be considered. Vendors must upload their proposals to the State's portal prior to
the Proposal Deadline and submit six (6) paper copies to be received by the Proposal
Deadline. All of the six hard copy proposals must be placed in a spiral-bound book or
three-ring binder.
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The proposal package delivery address is:
Client: State of Delaware
Name: Fiah M. Kwesseu
Title: Director of Operations and Fund Management
Address: 820 Silver Lake Boulevard, Suite 100
City/State: Dover, DE
ZIP: 19904
Email: Treasury_RFP@delaware.gov
Upload your proposal at: https://treasurer-delaware.bonfirehub.com/projects
Important Notes:
Logging in and/or uploading the file(s) does not mean the response is submitted.
Vendors must successfully upload all the file(s) and must click the submit button
before the proposal due date and time.
Vendors will receive an email confirmation receipt with a unique confirmation
number once the submission has been finalized. This will confirm that the proposal
has been submitted successfully.
Each submitted item of requested information will only become visible to the State
after the proposal due date and time.
If the file is mandatory, you will not be able to complete your submission until the
requirement is met.
Uploading large documents may take significant time depending on the size of the
file(s) and your internet connection speed. The maximum upload file size is 1000 MB.
Minimum system requirements: Internet Explorer 11, Microsoft Edge, Google
Chrome, or Mozilla Firefox (Windows & Mac). Java Script must be enabled.
Please contact Bonfire directly at Support@GoBonfire.com for technical questions
or issues related to your submission.
Any proposal received after the Proposal Deadline shall not be considered.
Vendors are directed to clearly print "PROPOSAL ENCLOSED" and
"CONTRACT NO. TRE26102-IMS on the outside of the bid submission package.
Any proposal received after the Proposal Deadline shall not be considered and shall be
returned unopened. Vendor will bear the risk of delays in delivery.
3. Proposal Modifications
Any changes, amendments or modifications to a proposal must be made in writing,
submitted in the same manner as the original response and conspicuously labeled as a
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change, amendment or modification to a previously submitted proposal. Changes,
amendments, or modifications to proposals shall not be accepted or considered after the
Proposal Deadline.
4. Proposal Costs and Expenses
The State is not responsible for and will not pay any costs incurred by any Vendor in
responding to this RFP, including, but not limited to, costs associated with proposal
preparation, printing, and delivery, the interview/presentation process and contract
negotiations.
5. Late Proposals
Proposals will be date and time stamped upon receipt. Proposals received after the
Proposal Deadline will not be opened or considered.
6. Proposal Opening
Proposals will be opened only in the presence of OST personnel. Any unopened proposals
will be returned to the proposing firm. OST staff will create a public log containing the
names of all Vendors that submitted proposals and the dates and times of OST's receipt
of each proposal. Unless required by applicable law, the contents of any proposal shall
not be disclosed prior to contract award.
7. Rejection of Individual Proposals
Pursuant to 29 Del. C. 6981(m), an individual proposal may be rejected if (a) the
proposal is deemed non-responsive because it fails to meet the material requirements of
this RFP, (b) the Vendor or the proposal is deemed not responsible under the factors listed
in 6981(n)(2), or if the proposal is deemed not advantageous to the State.
OST shall have the authority and discretion to determine whether an RFP requirement is
material, or a mere formality or non-substantive requirement, whether a particular firm is
responsible, and whether a proposal is advantageous to the State. If OST rejects an
individual proposal, the determination shall be in writing and will set forth the basis for
the determination. A copy of the determination shall be promptly sent to the proposing
Vendor. The final determination shall be made part of the procurement file.
8. Confidentiality of Documents
Subject to applicable law or the order of a court of competent jurisdiction to the contrary,
all documents submitted as part of a Vendor's proposal will be treated as confidential
during the evaluation process and will not be available for review by anyone other than
OST, the Board, the Evaluation Team and their counsel. There shall be no disclosure of
any Vendor's information to a competing Vendor prior to award of the contract unless
such disclosure is required by law or by order of a court of competent jurisdiction.
The State and its constituent organizations are required to comply with the State of
Delaware Freedom of Information Act, 29 Del. C. 10001, et seq. ("FOIA"). FOIA
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