Brockton Contributory on lookout for global custodian

Brockton (Mass.) Contributory Retirement System is searching for a global custodian, confirmed Harold Hanna, executive director of the $333 million pension fund.

State Street Corp. (STT) has been the plan's custodian since 2000 and is invited to rebid.

The search is the result of the Massachusetts Public Employee Retirement Administration Commission's regulations that require contracts to be put out to bid at least once every five years. Mr. Hanna said the pension fund is spreading out the RFPs and is looking to potentially save some money down the line.

Investment consultant NEPC is assisting.

The RFP notice is available on the PERAC website. The entire RFP can be obtained by contacting William Forde, analyst at NEPC, at wforde@nepc.com. Proposals are due at 4 p.m. EST Dec. 7. A hiring decision is expected later that month, Mr. Hanna said.