Orange County Employees Retirement System, Santa Ana, Calif., is searching for a global custodian, said an RFP posted on the $12.5 billion pension fund's website.
The incumbent is State Street, which is invited to rebid.
The global custodian is expected to provide services including securities settlement, cash management, securities lending, directed brokerage services and corporate actions, class actions and proxy processing.
“We are not obligated to retain the incumbent nor motivated to change for the sake of change,” said a statement on OCERS' website. “The objective of this RFP is to identify a custodian that can meet OCERS' needs — and help us cost effectively oversee the custody of OCERS' assets.”
Proposals are due May 20, with a selection as early as Aug. 15.
The RFP is posted on the pension plan's website.
Robert Kinsler, spokesman, could not be reached by press time.