Chicago Municipal Employees’ Annuity & Benefit Fund is searching for a global custodian, confirmed Michael Walsh, chief investment officer.
Northern Trust is the current custodian of the $5.2 billion pension fund and is invited to rebid, according to Mr. Walsh. The fund has an open-end contract, but municipal law states it must issue an RFP every five years.
The chosen firm will provide global custody, foreign exchange and securities lending services for the plan, according to the RFP.
Proposals are due at 3 p.m. CDT on Oct. 12. A timetable for a decision has yet to be determined.
The RFP is available on the fund’s website.
Investment consultant Marquette Associates is assisting.