Connecticut Retirement OKs Deutsche Bank for securities lending
By Robert Steyer | March 15, 2013 10:10 am
Connecticut Retirement Plans & Trust Funds, Hartford, has hired Deutsche Bank, pending successful contract negotiations, for securities lending component, confirmed Denise Nappier, the state treasurer and principal fiduciary of the state's $26.1 billion pension system.
In an e-mail, Ms. Nappier said she has deferred making a decision on the other components of a master custodian search pending a review of fee proposals from State Street Bank & Trust Co. and BNY Mellon Asset Servicing.
State Street, whose contract expires June 30, has been the master custodian since 1996.
Connecticut Retirement Plans & Trust Funds issued an RFP in September for companies that would provide all or some of master custodian services. Deutsche Bank applied only for the securities lending component; State Street and BNY Mellon applied to provide all services.
Each firm made a presentation Wednesday at a meeting of the Investment Advisory Council, which advises the treasurer on investment policies. Ms. Nappier is expected to select an alternative investment fund consultant in April, according to a March 6 letter that she sent to council members.