The State of Wisconsin Investment Board, Madison, intends to consolidate the entire $81.5 billion in assets it oversees under one master global custodian. Mellon is the current global custodian for the $76.4 billion Wisconsin Retirement System and for three state agency funds. Bank of New York is the current custodian of the state investment fund, a $5 billion cash management pool for local governments, and for two other state agency funds. The five state agency funds have assets totaling $836 million. SWIB intends to consolidate the funds under one custodian; Mellon and Bank of New York will both be permitted to rebid, said Vicki Hearing, SWIB public information officer.
Mellon's contract expires Dec. 31, 2007, and Bank of New York's contract expires June 30, 2007.
The scope of the custodial services includes securities lending, performance measurement and analytics and class-action litigation support.
Callan is assisting with the search. The RFP is available at www.swib.state.wi.us. Proposals are due Dec. 4.