Two San Jose, Calif., pension funds are searching for a custodian, 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 issued a joint RFP because it has been more than seven years since the services have been up for bid.
Mr. Kumar said the RFP is posted on the website of Meketa Investment Group, the pension funds' investment consultant, which is assisting with the search.
Current custodian State Street Corp. (STT) is invited to rebid, said Prabhu Palani, chief investment officer of both pension funds, in an earlier email.
The RFP is posted on Meketa's website. Proposals are due on Feb. 11. A timeline for a decision was not provided.