Texas Prepaid Higher Education Tuition Board, Austin, is searching for a global custodian for its $1.4 billion Texas Guaranteed Tuition Plan, confirmed spokesman R.J. DeSilva.
Incumbent Northern Trust is invited to rebid. Its contract expires Aug. 31.
The custodian must provide services for all domestic assets and transactions as well as possessing global and emerging markets equity custody capabilities, according to the RFP. The firm must provide cash management and securities lending services for the 529 plan as well.
The RFP is available on the state’s procurement website. Proposals are due at 2 p.m. CST March 7. A hiring decision is expected by Aug. 1.