Connecticut Retirement Plans & Trust Funds, Hartford, has hired Deutsche Bank, pending successful contract negotiations, for securities lending component, confirmed Denise Nappier, the state treasurer and principal fiduciary of the state's $26.1 billion pension system.
In an e-mail, Ms. Nappier said she has deferred making a decision on the other components of a master custodian search pending a review of fee proposals from State Street Bank & Trust Co. and BNY Mellon Asset Servicing.
State Street, whose contract expires June 30, has been the master custodian since 1996.
Connecticut Retirement Plans & Trust Funds issued an RFP in September for companies that would provide all or some of master custodian services. Deutsche Bank applied only for the securities lending component; State Street and BNY Mellon applied to provide all services.
Separately, Cliffwater, Hewitt EnnisKnupp, and incumbent NEPC were named as finalists for alternative investment fund consultant. NEPC's contract expires May 31.
Each firm made a presentation Wednesday at a meeting of the Investment Advisory Council, which advises the treasurer on investment policies. Ms. Nappier is expected to select an alternative investment fund consultant in April, according to a March 6 letter that she sent to council members.
