CalPERS plans to adopt criteria for its upcoming search for a global custodian and issue a pre-search RFP to determine the universe of banks capable of handling the system’s $175 billion in assets.
Current custodian State Street Bank’s contract expires June 30, 2001.
At its Monday meeting, the Sacramento-based fund’s investment committee will vote on proposed selection criteria, including: maintaining custody of at least $1 trillion in assets for the past three years; ability to handle all of the California Public Employees’ Retirement System’s current and future asset classes; ability to provide straight-through processing; offering real-time valuations for all asset classes at all times; having an established global custodian network; providing online reporting; and offering competitive fees.
CalPERS also will set a time frame for its RFP and plans to delegate final selection of the custodian to the chief investment officer. R.V. Kuhns is the consultant.
