Connecticut Retirement Plans & Trust Funds, Hartford, is searching for at least one consultant to help the $24.5 billion pension and trust system find a master custodian, according to an RFP posted on the website of state Treasurer Denise Nappier.
“The primary purpose of this RFP is to identify and retain the most qualified firm or firms to provide custodian search consulting services on a one-time basis,” the RFP said. The consulting firm(s) will “create a needs analysis for custodian services, develop a request for proposal, and assist with the due diligence and contract negotiation for a custodian.”
The search proposal, offered by Ms. Nappier, the system’s principal fiduciary, was endorsed in early February by the state Investment Advisory Council, which advises the treasurer on investment policies governing the system’s six state pension funds and eight state trust funds.
The contract of current master custodian State Street Bank & Trust expires June 30, although the contract could be extended for two years. State Street can rebid, Ms. Nappier said earlier this month. She said state purchasing requirements necessitate periodic competitive searches.
The RFP is at www.state.ct.us/ott/rfp/RFPMasterCustodianSearch.pdf. Proposals are due noon EDT March 18. A selection is expected in May.
Candidates should contact Linda Tudan, Office of the State Treasurer, 55 Elm Street, 6th Floor, Hartford, CT 06106, or via e-mail at [email protected]