New York State Teachers’ Retirement System, Albany, issued an RFP for a custodian, according to the RFP posted on the $86.2 billion system’s website.
The selected custodian must be licensed to operate in New York, according to the RFP, which is available at http://nystrs.org/main/about/procurement/RFP11-15.pdf.
The system is seeking one company to provide custody services for the system’s publicly traded assets, the RFP said.
The custodian could be asked to provide additional services for its non-publicly traded assets, according to the RFP, and “during the term of the contract, the New York State Teachers’ Retirement System desires the flexibility to add or eliminate custody or ancillary services for various investment portfolios with reasonable advance notice.”
The contract term is for three years, starting July 1, with an option to extend the contract for up to two successive three-year terms.
The contract of incumbent State Street Bank & Trust expires Oct. 1; the firm can rebid, Heidi Brennan, a spokeswoman for the system, wrote in an e-mailed response to questions.
The system isn’t dissatisfied with State Street; “this is a routine issue of the RFP in accordance with (our) administrative policy and practices related to procurement,” she wrote.
Candidates should apply to: Joseph Romand, Purchasing Unit, New York State Teachers’ Retirement System, 10 Corporate Woods Drive, Albany, NY 11221. E-mail: [email protected]
Proposals are due at 2 p.m. EDT March 16. Evaluations and interviews will take place during March and April. A selection is expected in late May.