Chatham County Employee Retirement Plan, Savannah, Ga., is searching for a custodian, said Amy Davis, the county’s finance director, in an e-mail.
The $206 million pension fund’s current custodian is Regions Bank. Ms. David said the search is being conducted because the county does “not feel we are getting satisfactory services” from the firm.
The county is also seeking a firm that would provide custodial services for the county’s $38 million other post-employment benefits fund. State Street is the current custodian for the OPEB fund.
“We have been happy with State Street, but their fees are considerably higher. We decided that if we were going to bid out one we should go ahead and bid them both out at the same time. Neither firm is barred from bidding,” she said.
Regions Bank spokesman Jeremy King declined comment.
Proposals are due at 5 p.m. EDT on Oct. 30. A timetable for a decision has yet to be determined.
The RFP is available on Dahab’s website.
Investment consultant Dahab Associates is assisting.