Iowa seeks global custodian, securities lending provider

Iowa State Treasurer's Office is searching for a global custodian and securities lending provider for three state pension funds and the state operating fund, confirmed Stefanie Devin, deputy treasurer.

BNY Mellon now provides both services and is invited to rebid. Its contract expires June 30. It is the intention of state Treasurer Michael L. Fitzgerald to hire one custodian for all funds. A separate third-party securities lending provider could be hired, Ms. Devin said.

The total assets of all funds is about $29 billion, including the $24.8 billion Iowa Public Employees' Retirement System, $329 million Peace Officers' Retirement, Accident and Disability System and $129 million Iowa Judicial Retirement System, all based in Des Moines.

Securities lending services are only required for the three pension plans.

The RFP is available on the treasurer's website. Proposals are due at 3 p.m. CST Nov. 22. A hiring decision is expected in mid-January.