Chicago Public School Teachers' Pension & Retirement Fund plans to issue an RFP on Aug. 28 for global custody and securities lending services, according to a statement from the $9.8 billion pension fund.
The pension fund will consider hiring separate firms for each service, Carmen Heredia-Lopez, chief investment officer, said in an e-mail.
Northern Trust, the incumbent for both services, will be allowed to rebid, Ms. Heredia-Lopez said.
The pension fund is undertaking the search “to exercise its fiduciary responsibility to ensure that we are engaging the best providers for the benefit of the plan participants.” Ms. Heredia-Lopez said.
Callan Assocaites, the pension fund's investment consultant, is assisting with the search.
The pension fund plans to post the RFP on its website.