New York City Retirement Systems is searching for a master custodian and transition managers, confirmed Michael Loughran, a spokesman for New York City Comptroller John C. Liu, who oversees investment of the city's pension funds.
The custody RFP also includes services for securities lending, foreign exchange and alternative investment administration for the five city pension funds that have a combined $123.9 billion in assets. The comptroller could select one firm for all four services or up to four firms for one or any combination of services, according to the RFP.
BNY Mellon is the incumbent for all four services; the firm can rebid for all the services, Mr. Loughran said.
The retirement systems executed about $8 billion in FX trades per year over the last three years. The firm selected for alternative investment administration services will serve as the “systems' subsidiary accounting arm for its alternative investment holdings,” which total about $14 billion, according to the RFP.
The RFP for transition managers is to place selected firms on a preapproved list for future selection. The services are for domestic and international equities, and domestic and international fixed income.
Both RFPs are available from the comptroller's website. Proposals for master custody services are due at 2 p.m. EDT Aug. 1. A hiring decision is expected in December or January.
Proposals for transition managers are due at 2 p.m. EDT July 26. A hiring decision is expected in November.