Indiana State Teachers Retirement Fund, Indianapolis, plans to search for a custodian, said Robert D. Newland, CIO. Aside from general custodian services, it will evaluate securities lending and collection of securities class action settlement claims, both services the fund now uses. Officials for the $5.8 billion plan want to see "whats out there because it has been five or six years since it reviewed its custodian, Mr. Newland said. Incumbent National City Bank will be invited to rebid. Callan Associates will assist.
System officials are developing the criteria and could launch the search in August, when the plan will announce details about submitting proposals, he said.