Arlington (Va.) County Employees’ Retirement System plans to issue an RFP for a master custodian, said Gregory A. Samay, executive director for the $1.4 billion system. Incumbent Bank of New York Mellon can rebid. “We just haven’t done it for a while, so it’s time to survey the landscape,” Mr. Samay said. The RFP will be posted by June 15 on the county’s website, http://www.co.arlington.va.us, he said.
Separately, the system hired SSgA to run $64 million in an S&P 500 index fund, Mr. Samay said. Funding comes from terminating Legg Mason Capital Management, which ran the money in an active domestic large-cap value equity portfolio, for “underperformance,” Mr. Samay said. Mary Athridge, a Legg Mason spokeswoman, declined comment.
