Virginia Department of the Treasury, Richmond, is searching for firms to provide master custody and securities lending services for the treasurer's $9 billion in assets under management, including the $600 million Virginia Tobacco Settlement Foundation Endowment.
J.P. Morgan is the current custodian, and Deutsche Bank provides securities lending services. Both are invited to rebid, said Kelley Denton, procurement officer. The contracts expire in March. The department could choose one firm to provide both services or continue to split the roles, Ms. Denton said in a telephone interview.
The RFP is available on the state procurement website. Proposals are due at 3 p.m. EDT Sept. 30. A hiring date has not been determined.