Connecticut Retirement Plans & Trust Funds, Hartford, hired Callan Associates to consult for the $25.1 billion system on choosing a new master custodian, confirmed Jonathan Harris, the state’s deputy treasurer.
Callan and Mercer Sentinel were the finalists reviewed by state Treasurer Denise Nappier, the system’s principal fiduciary, Mr. Harris wrote in an e-mail.
Callan will assist the treasurer’s office in creating a needs analysis for custodian services, develop an RFP, conduct due diligence on candidates for the master custodian, negotiate the contract and “assist in the transition/conversion to a new custodial bank, if the (pension system) changes banks,” Mr. Harris wrote.
State Street Bank & Trust has been master custodian since July 2005 and will be invited to rebid. Connecticut purchasing requirements necessitate periodic competitive bids.
Ms. Nappier also announced a first-time commitment of $65 million to ArcLight Energy Partners Fund V, a private equity fund focusing on North American energy and energy-related assets, according to a summary document prepared in August by Ms. Nappier’s office.