San Diego County Water Authority is searching for a firm to provide custodial and safekeeping services for a portion of the authority's investment securities, confirmed Patti Cirello, investment analyst for SDCWA.
The water authority's total investment portfolio is about $770 million, but the RFP is for custodial services of about $463 million, held in three separate operating fund accounts.
The current custodian for the assets is Union Bank. They are invited to rebid.
“The current custodian recently increased their fees significantly,” Ms. Cirello said in an e-mail. “The water authority decided to issue an RFP to ensure we get the best pricing for this service, as part of ongoing efforts to minimize our costs and the costs to our rate payers.”
The selected firm must be a state or national bank, savings association or federal association, federal or state credit union, or federally insured industrial loan company and must have at least 10 years in the investment custody business, according to the RFP.
Proposals are due at 5 p.m. PDT April 25. A hiring decision is expected on May 4.