Connecticut’s state treasurer has chosen a San Diego investment consultant to help manage the pension assets of state employees and retirees.
Treasurer Denise L. Nappier said Wednesday that she is negotiating contract terms with StepStone Group LP, one of nine firms who answered her request for proposals issued last November.
StepStone could be aboard by October, overseeing the $30 billion Connecticut Retirement Plans and Trust Funds’ Private Investment Fund, if a contract is signed before then, Nappier said.
Financial and other contract terms-conditions weren’t disclosed.
StepStone will replace Pennsylvania-based Franklin Park Associates, the state pension assets’ private investment consultant the past decade, Nappier said.
With nine offices and 179 employees worldwide, StepStone has 51 clients with assets in excess of $60 billion; 14 of those are public pension funds, each with assets greater than $1 billion, Nappier said.
