San Francisco City & County Employees’ Retirement System plans to search 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 in the next six months also plans to search for money managers to run a combined $1.2 billion, implementing the fund’s asset allocation changes. The board on Sept. 3 approved searches for a $200 million convertible bond portfolio to be issued this month; the board plans to 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 at the board’s March meeting. Angeles Investment Advisors is assisting.
