United Nations Investment Management Division, New York, is searching for a global custodian and master record keeper for its pension fund and endowment, said an RFP on the U.N.'s procurement website.
The reason for the search, along with information on whether the incumbent custodian and record keeper can rebid, could not immediately be learned. Northern Trust is the pension fund's general custodian, and Citibank is the custodian for global emerging markets assets only, according to an October meeting document.
The pension fund, which is primarily managed internally, has an asset allocation of 64% public equity, 24% fixed income, 6% real assets, 3% alternative investments and the remainder in cash.
Investments in other alternatives assets such as futures/derivatives, hedge funds of funds and other real assets are being considered.
Currently, only small-cap equities are managed externally.
The endowment fund is primarily managed externally; the majority of fund assets are invested in equities and fixed income. Further details were not provided.
The United Nations Joint Staff Pension Fund and United Nations University Endowment Fund had more than $54 billion and $359 million in assets, respectively, as of April 30.
The RFP is available on the U.N.'s website. Proposals are due by July 5. A timeline for a hiring decision was not disclosed.
An official in the investment management division and Dionisio Abalos, a procurement officer in the United Nations' procurement division, could not be reached for additional information by press time.