San Francisco City & County Employees Retirement System plans to issue an RFP for a custodian and record keeper. Current custodian Northern Trust, which will be asked to rebid, was granted a one-year extension to its contract in February. Staff at the $10.1 billion system also will explore whether custodians are willing to unbundle securities lending and cash management.
Separately, the system is planning to issue money manager RFPs for a combined $1.2 billion in the next six months, implementing the funds asset allocation changes. The board on Sept. 3 approved an RFP for a $200 million convertible bond portfolio to be issued this month, with responses due Oct. 16. Under a tentative schedule, the board will vote in October on issuing a $300 million active value-oriented developed-market equity portfolio. In January, the board is expected to consider a $200 million active large-cap value equity portfolio, while a $500 million enhanced S&P 500 index portfolio may be considered in March. Angeles Investment Advisors is assisting.