Iowa Public Employees’ Retirement System, Des Moines, will conduct two separate searches for custodial-related work for its $15.4 billion pension fund, one for general custodial services and another for securities lending. "We don’t see any reason to tie the two services together,” said Michael L. Fitzgerald, state treasurer, who is custodian of the system and a member of the investment board.
It could select a custodial bank to perform both functions, or it could use separate firms, depending on the bids it receives, he said.
Mr. Fitzgerald said he expects to issue the two RFPs in about a week to major banks and securities-lending firms, and other interested firms can request the RFPs. Incumbent Mellon now performs both services and will be invited to bid, he said.
The deadline hasn’t been set for proposals, which may be due in late January or February; he would like the new services to be in place by July 1 to coincide with the start of the fiscal year, he said.