The New Jersey Department of Treasury has issued a request for proposal (RFP) for global custody services for state pension funds, consisting of seven retirement plans and two common pension funds for the state, consisting in total of $81.2 billion in assets as of the end of June 2014.
The RFP, due Decemeber 23, is soliciting a provider for global master custody, accounting, alternative investment, compliance, performance, reporting, and securities lending services.
New Jersey has set certain minimum criteria for the bidders, such as the provider having at least $10 billion in assets under custody, and the bidder must agree to invest the cash collateral from securities lending activity in a custom cash collateral portfolio.
The Treasury’s Division of Investment (DOI) “is seeking a cost-effective custodial solution with a talented and experienced client service team, leading edge technology, and seamless delivery of services. The successful bidder’s client servicing philosophy is expected to be best in class. DOI expects to be assigned a dedicated client servicing team consisting of knowledgeable and experienced individuals,” says the RFP.
Currently, New Jersey uses State Street, U.S. Bank and PNC Bank as custodians.
New Jersey Issues RFP for Custody for $81 Billion Pension Funds
The New Jersey Department of Treasury has issued a request for proposal (RFP) for global custody services for state pension funds, consisting of seven retirement plans and two common pension funds for the state, consisting in total of $81.2 billion in assets as of the end of June 2014.
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