Searches and Hires

Palm Beach Retirement System looking for custodian

Palm Beach (Fla.) Retirement System is searching for a custodian, said Duke Basha, the town's assistant purchasing manager, in an email.

The $220 million pension fund issued an RFP because the current contract has been in place for a long time, Mr. Basha said. Current custodian State Street Corp. (STT) is invited to rebid. The chosen custodian would also serve the town's $32 million other post-employment benefits trust.

As of Sept. 30, the pension fund's actual allocation was 36.2% domestic equities, 17.6% international equities, 13% real estate, 11.5% fixed income, 7.7% global tactical asset allocation/hedge fund, 7.4% private equity, 5.5% emerging markets equities and 1.1% liquid capital.

The RFP is available at the Public Purchase website. Registration is required. Proposals are due at 2 p.m. CST on March 6. A decision might come at the retirement system's March 15 board meeting, Mr. Basha said.