New Jersey Division of Investment, Trenton, issued an RFP for custodial and management services for the state's cash management fund.
The net asset value of the fund was about $11.4 billion as of June 30, according to the RFP. The fund's assets are managed and traded by the Division of Investment, which is part of the state Treasury Department. The division also manages investments for $76.8 billion New Jersey Pension Fund.
The cash management fund “currently invests primarily in U.S. government and agency obligations, commercial paper, certificates of deposit, and corporate bonds,” the RFP said. “The fund may invest in U.S. dollar-denominated securities issued by foreign entities. No derivatives are held in the fund.”
The current provider of custodial and management services is Citi Fund Services; and its contract expires June 30, said Christopher Santarelli, a spokesman for the Treasury Department, in an e-mail. Citi is welcome to rebid, he added.
The new contract will run for five years. It may be extended for up to three additional one-year periods, Mr. Santarelli wrote.
The RFP is available on the Treasury Department's website. Proposals are due March 11 at 3 p.m. EDT, and the contract is scheduled to take effect July.
