Milwaukee County Employees' Retirement System issued an RFP for a global custodian and securities lending services.
The pension fund, which oversees $1.7 billion in assets, is undertaking the search because the contract of incumbent Bank of New York Mellon expired Aug. 31, Marian Ninneman, ERS manager, said in an e-mail. “Terms of that contract will continue until Dec. 31,” she added.
BNY Mellon is allowed to rebid.
Other services the pension fund is seeking include class-action litigation notification and claims processing.
The RFP is available on the county's website. Proposals are due Oct. 28. The pension fund board could make a decision in December.
Marquette Associates, the pension fund's investment consultant, is assisting in the search.