California State Teachers' Retirement System, Sacramento, approved a new three-year contract with current global custodian State Street Bank.
State Street Bank agreed to reduce fees for current services by 18%, but the bank will receive an estimated $800,000 in emerging market transaction and holding costs. There was no competitive bidding for the contract for the $62.5 billion fund, but Global Securities Consulting Services Ltd. told the CalSTRS board the State Street offer was highly competitive.
