Iowa Public Employees’ Retirement System, Des Moines, may separate custodial-related work for its $15.4 billion pension fund into one firm 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 fund and a member of the investment board.
The system could select a custodial bank for both functions, or it could use separate firms, depending on the bids it receives, he said. The system plans to issue two RFPs in about a week and make selections by July 1. Incumbent Mellon now performs both services and will be invited to bid.