Illinois State Board of Investment, Chicago, plans to issue RFPs this summer for custody and risk analytics services, said William R. Atwood, executive director.
Interested firms will be able to bid for both services as a bundled proposal, or bid on one or the other separately, Mr. Atwood said.
State Street Bank & Trust Co., the incumbent global custodian, can rebid, Mr. Atwood said.
ISBI, which oversees $15.1 billion in defined benefit assets, is looking for more sophisticated risk analytics services beyond the custody-related analysis it now uses, Mr. Atwood said.
ISBI generally is on a five-year cycle for rebidding for custodial services and wants to gauge the marketplace for the services and fees, Mr. Atwood said.
ISBI is still developing the RFP, which it plans to issue midsummer. It expects to make a decision before year-end.
Marquette Associates, ISBI’s investment consultant, is assisting in the search.
