The Illinois State Board of Investment has invited bids for the custody and fund accounting contract for a $3.9 billion defined contribution pension scheme.
State Street is currently the incumbent custodian for the $3.9 billion Illinois State Employees Deferred Compensation Plan but bids are being accepted from other interested parties.
Those looking to bid for the contract have until Wednesday 27 July to submit proposals. Consultants Meketa Investment Group are reviewing bids submitted from interested parties.
A spokeswoman for State Street declined to comment on whether the business would be submitting a bid to remain as custodian although it is entitled to do so.
Bidders are asked to consider provision of compliance and accounting, securities settlement, custody, foreign exchange and cash management services in their bids.
In its invitation to tender notice the Illinois State Board of Investment states that it will narrow down bids to a smaller list of the most “highly qualified” companies after an initial review.
It says: “ISBI’s staff and the investment consultant may meet with representatives of each respondent to obtain an independent assessment of the Respondent’s capabilities.
“Following any interviews with the selected respondents, the ISBI’s staff and the investment consultant shall prepare respondent recommendations for approval by the Board.”
A full copy of the RFP document can be read here:
http://www.illinois.gov/isbi/Documents/ISBI-DB-Custody-RFP.pdf
The Illinois State Board of Investment has also invited bids for management of its defined benefit scheme.