The United Nations is calling for expressions of interest (EoIs) for the services of a global custodian for the assets of the United Nations Joint Staff Pension Fund (UNJSPF) invested in developed markets and the custody of all the assets of the United Nations University Endowment Fund (UNUEF).
Closing date for expressions of interest is Sept. 14 2012.
The UNJSPF provides retirement, death, disability and related benefits for the staff of the UN and of the 22 other related international organizations subsequently admitted to membership of the Fund. As at June 30 2012, the fund had $43 billion of assets, $36 billion of which were invested in developed markets in 11 currencies and 18 countries.
The UNJSPFs current custody arrangements and all reporting and record keeping services are handled by a single global custodian. The fund is restructuring its custody arrangements whereby its assets will be held by two banks (one for global developed markets and the other for global emerging/frontier markets) while another independent service provider will act as master record keeper and be responsible for all reporting and record keeping functions.
The United Nations University (UNU) is the academic arm of the United Nations system, which implements research and educational programs in the area of sustainable development, with the particular aim of assisting developing countries. As at June 30 2012, the assets of the UNUEF had a market value of approximately $316.5 million invested primarily in equity and fixed income instruments in developed markets.
Information on the tendering process can be found here.
(JDC)