The board, which oversees a total of $152.2 billion, plans to initiate the global master custodial search March 1.
R.V. Kuhns will help the board develop criteria for the search, including possibly unbundling securities lending and other non-core custodial services.
Bank of New York Mellon is the global master custodian for funds the FSBA oversees, including the $124.5 billion Florida Retirement System defined benefit plan and $5.9 billion 401(a) plan. BNY Mellon also serves as the primary securities lending agent. Deutsche Bank and ClearLend Securities also provide securities lending services.
BNY Mellon will be allowed to rebid.