Fresno City Retirement Systems in market for global custodian
By Kevin Olsen | December 12, 2012 2:57 pm
Fresno (Calif.) City Retirement Systems is searching for a global custodian, confirmed Kathleen Riley, assistant administrator.
Incumbent Northern Trust is invited to rebid. Its contract expires Sept. 30, 2013.
The pension funds — the Employees Retirement System, and Fire and Police Retirement System — have a combined $2.1 billion in assets as of Sept. 30.
The RFP is available on the pension fund's website. Proposals are due at 5 p.m. PST Jan. 31. Finalist interviews will be in March, with a hiring decision expected in May.
Separately, the pension fund named Meketa Investment Group, NEPC and Wurts & Associates as finalists in its investment consultant search. An RFP was released in August to potentially replace Wilshire Associates. Wilshire rebid, but was not selected as a finalist “based on their historical performance with the systems; their potential organizational conflicts and a proposed increase in consulting fees,” said Stanley McDivitt, retirement administrator, in an e-mail.
A decision is expected in January.