State of Wisconsin Investment Board, Madison, is searching for a consultant to assist the board in hiring a global custodian for its $83.1 billion in pension and other assets. The consultant will assist in developing an RFP and evaluating proposals. SWIB could begin the search by the end of summer and complete the selection process by the end of the year.
SWIB officials intend to hire a single custodian to provide services for all of the funds under its control. Currently, Mellon is custodian for the $76.9 billion Wisconsin Retirement System and for three state agency funds, and Bank of New York is custodian for the state investment fund, a $5.3 billion cash management pool for local governments, and two other state agency funds. The five state agency funds have a total of $880 million in assets. Mellon's contract expires Dec. 31, 2007, and Bank of New York's contract expires June 30, 2007. Both firms will be permitted to rebid, said Vicki Hearing, SWIB public information officer.
The request for information in the consultant search is posted at www.swib.state.wi.us. Proposals are due June 2, and SWIB officials expect to make a selection in late June or early July. The consulting project is expected to begin July 10.