(The following press release from the Delaware State Treasury was received 
by e-mail. The sender verified the statement.) 
Delaware State Treasury Announces Proposed Investment Managers 
Treasurer Flowers Commends Results of Historic Open and Competitive Selection 
DOVER, Del. —The Delaware State Treasury today announced its proposed slate of 
investment managers to assist the Treasury in managing the state’s $2 billion 
investment portfolio. The announcement comes at the conclusion of an open and 
competitive selection process.  A historic number of responses (110) to the 
Request for Proposal (RFP), ranging from small entrepreneurships to global 
banks, were received by the Treasury to manage the state’s liquidity and 
reserve mandates under the portfolio.  The RFP selection committee (the 
“Committee”), appointed by State Treasurer Chip Flowers, was comprised of 
Treasury staff and a designated representative of the Cash Management Policy 
Board.  Credit Suisse Securities (USA) LLC served as financial adviser to the 
After an extensive review process, the Committee proposed the following 
investment firms to serve as the state’s investment managers, subject to 
execution of a definitive agreement with the Treasury:   
Liquidity                                   Reserve
Cutwater Asset Management                   Chandler Asset Management
M & T Bank, N.A.                            Federated Investors, Inc.
PFM Asset Management LLC                    J.P. Morgan Asset Management
Wells Capital Management                    Morgan Stanley Investment 
Schroder Investment Management       
North America, Inc. 
Upon receipt of the Committee’s recommendations, Treasurer Flowers stated, “The 
historic number and quality of applicants exemplifies the benefits of an open 
and competitive selection process.  I am very proud that we continue to open 
the door of opportunity for those seeking to do business with the Treasury, 
which ensures the state hires the best group of diverse investment managers at 
a cost effective rate.”  
At the start of the selection process, Treasurer Flowers charged the Committee 
with undertaking the following: (i) increase the number of investment managers 
to encourage competitive performance; (ii) decrease the fees charged by the 
state’s investment managers to generate cost savings for taxpayers; (iii) 
promote diversity and inclusivity; and (iv) propose investment managers that 
offer the best value for investment services to the People of the State of 
The selection process was part of a multi-phase plan proposed and enacted by 
Treasurer Flowers to increase returns on the portfolio without increasing the 
current level of risk and ensure fees paid to investment managers are in line 
with the portfolio’s returns.  Under the plan, the Treasury has reversed the 
previously declining returns on the portfolio and increased returns for three 
consecutive fiscal years.   
Treasurer Flowers further stated, “The bold actions taken as part of our 
multi-phase plan to improve the performance of the state’s investment portfolio 
has resulted in millions in additional interest income for the state without 
increasing risk.  With the completion of this phase of the plan, I am confident 
that the proposed investment managers will meet the standard of excellence that 
the People of the State of Delaware expect and rightly deserve by further 
improving our portfolio.” 
For additional information, please visit the Treasury’s website at 
About the Delaware State Treasury  
The mission of the Delaware State Treasury, the cornerstone of the state's 
financial system, is to restore economic prosperity to the First State by 
providing critical financial services for the People of the State of Delaware. 
Led by Delaware State Treasurer Chip Flowers, the Delaware State Treasury works 
with public, private and nonprofit organizations to present financial clarity 
to all Delawareans through its four divisions – Executive Office of the State 
Treasurer, Office of Finance and Treasury Services, Office of Disbursements and 
Reconciliations and the Office of Economic Policy. For more information on the 
Delaware State Treasury, you can visit, send an email 
to, or call 302-672-6700. 
(rml) NY
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