Kansas Public Employees Retirement System, Topeka, will issue an RFP for global custody and securities lending services, confirmed spokeswoman Kristen Basso.
BNY Mellon Asset Servicing is the current custodial bank and may rebid. It received a three-year extension last March, effective through Dec. 31, 2015. BNY Mellon has been custodian since 1992, and an RFP has not been issued in more than 10 years. KPERS decided to issue an RFP to “ensure that the system is receiving the best available quality of custodial bank and securities lending services, and competitive pricing for those services,” Ms. Basso said in an e-mail.
The RFP will be posted on KPERS' website at the end of January or early February. Proposals are due March 31. A hiring decision is expected in September.
Investment consultant Pension Consulting Alliance is assisting.
The $14.4 billion pension fund also committed $75 million to Vista Equity Partners Fund V, a middle-market buyout fund that focuses on software and technology companies; and $40 million to Exeter Industrial Value Fund III, a value-added real estate fund managed by Exeter Property Group.
The pension fund committed $30 million each in the predecessor Vista Equity Partners and Exeter funds.