Two San Jose, Calif., pension funds will begin a search for a custodian in December, said Ron Kumar, investment operations supervisor for both plans, in an email.
The $3.7 billion Police and Fire Department Retirement Plan and the $2.2 billion Federated City Employees' Retirement System will issue a joint RFP; it has been more than seven years since the services have been up for bid.
Current custodian State Street Corp. will be invited to rebid, said Prabhu Palani, chief investment officer of both pension funds, in an earlier email.
A specific timeline has yet to be determined, but the RFP will be posted sometime in December on the BidSync procurement website, Mr. Kumar said. Registration will be required. The pension funds' joint investment committee hopes to make a recommendation to the pension funds' boards in June 2019, he said.