New Jersey Pension Fund keeps State Street as custodian

The New Jersey Division of Investment rehired State Street for global custody services for the $71.2 billion New Jersey Pension Fund, Trenton.

The division announced its intention in a “notice of intent to award” posted Feb. 22 on the division’s website. The notice allowed a protest period through March 8 before awarding the contract.

The notice said the custody contract excludes securities lending services, which “are expected to rebid separately in the future.” State Street has been the incumbent.

The notice said the awarding of the contract to State Street was based on an RFP issued in November 2014. “Due to the complex nature of the services, the evaluation period took longer than anticipated,” said Willem Rijksen, a spokesman for the New Jersey Department of Treasury, in an email. “The term of the contract is a period of five years with two one-year extensions available.”