San Mateo County Employees' Retirement Association, Redwood City, Calif., is searching for a global custodian that will provide securities lending services, according to an RFP posted on the pension plan's website.
State Street Bank & Trust now provides the services for the $3 billion plan. It could not be learned by press time if it can rebid. The contract is for five years, starting July 1.
The selected firm must have at least $500 billion in total tax-exempt assets under custody as of June 30, according to the RFP.
The RFP is available on the pension fund's website. Proposals are due at 5 p.m. PST Feb. 10. A hiring recommendation will be made in March with contract approval expected on April 22.
Michael Coultrip, chief investment officer, did not return a telephone call for additional information by press time.