Ohio State Highway Patrol Retirement System, Columbus, issued an RFP for at least one equity brokerage firm as part of a due diligence measure to determine whether the fund's current trading costs and execution are "the best that can be achieved," said Richard Curtis, executive director.
The $715 million fund lowered its trading costs to about 0.015 cents per share in 2004 from about 0.05 cents per share in 2001, he added. Respondents should be willing to offer discounted, execution-only brokerage services and not have soft-dollar relationships with money managers. The RFP is available at www.ohprs.org. Proposals are due Feb. 28; selection is likely in June.