Massachusetts Pension Reserves Investment Management Board, Boston, is searching for a firm to provide global custody services for the states $50 billion Pension Reserves Investment Trust Fund and the $400 million Health Care Security Trust Account, according to an RFP on the $45.7 billion MassPRIM website. BNY Mellon is the current custodian and record keeper for both funds; it is not known if the firm can rebid. The RFP is available at http://www.mapension.com/
Rfp/RFP.htm. Proposals are due by 3 p.m. EST Nov. 5, with a selection expected in early February. Further information was not available; Michael Travaglini, executive director, did not return a phone call by press time. MassPRIMs board oversees the management and investments for both funds. The board also approved plans to issue an RFP for at least one firm to provide general consulting and hedge fund consulting services, pending further discussions with the boards investment committee about what details to include in the RFP. Cliffwater, general and hedge fund consultant for the system through March 31, wont bid for the general consultants job because the firm has decided to focus on hedge funds and other alternatives strategies, said Mr. Travaglini. Cliffwater can bid for the hedge fund consulting post. The board plans to issue the RFP at the end of November. Cliffwater CEO Stephen Nesbitt confirmed that his firm is focusing on alternatives.