Maynard (Mass.) Contributory Retirement System is seeking proposals from financial institutions to provide institutional custodial/master trust services for the $46 million pension fund.
The search is being conducted because the pension fund's contract with its current custodian, State Street, is set to expire at the end of the year, said Kenneth R. DeMars, executive director for the pension fund, in an email. State Street is invited to rebid.
The RFP is available via email from Mr. DeMars. Proposals are due by 3 p.m. EDT on June 12. A selection is expected to be made in July, Mr. DeMars said.
The pension fund had a target asset allocation of 55% equities, 30% fixed income, 7.5% alternatives and 7.5% real estate as of Dec. 31, 2016, the most recent data available.