L.A. County seeks custody, securities lending

Los Angeles County Deferred Compensation Program is searching for one or two firms to provide global custodial and securities lending services for the $4.6 billion 457 and $1.2 billion 401(k) plans, said Teresa Gee, administrator. It’s the first search the program has conducted for both services in nine years, Ms. Gee said. Incumbents are BNY Mellon for the 457 and Wells Fargo for the 401(k) plans; they handle both global custody and securities lending. Both can rebid. The program’s administrative committee is scheduled to conduct interviews and make a selection at its June 27 meeting.