States of Jersey, St. Helier, is searching for a custodian for its £3.6 billion ($4.6 billion) Common Investment Fund, said Russell Crowe, head of treasury and investment management at the State of Jersey.
The CIF is an administrative arrangement pooling the assets of various states departments and related entities for investment.
The fund's current custodian is Northern Trust. The process is driven by procurement rules, added Mr. Crowe, and the incumbent is expected to rebid.
The selected firm will act as custodian for the CIF's segregated assets and will also provide performance reporting on all asset classes across a multimanager investment structure. Investments cover most major and alternative asset classes.
Applying custodians must be able to provide a global custody network, either directly or via a sub-custodian, offering safekeeping of assets, transaction processing, tax collection, corporate actions, proxy voting, investment accounting, performance reporting and cash management.
Proposals are due Sept. 1. Mr. Crowe said States of Jersey is yet to release an indicative timetable on how long each stage of the process will take.
Further information is available on procurement website Channel Island Tenders.