Stanislaus County Employees' Retirement Association, Modesto, Calif., is searching for a global custodian, confirmed Kathy Herman, operations manager.
Incumbent BNY Mellon is invited to rebid. It has served as custodian since the 1980s. Ms. Herman said executives at the $1.5 billion pension fund thought it was prudent to issue an RFP because of changes in technology and in the custodian industry.
The services also include securities lending and transition management.
The RFP is slated to be posted on the pension fund's website on Thursday. Proposals are due Oct. 4 and a hiring decision is expected Dec. 11.
Separately, the pension plan returned 14.6% for the fiscal year ended June 30, far surpassing the policy benchmark of 11.53%. Domestic equity was the top performer with a 24.31% return, followed by international equity, 17.47%; real estate, 8.14%; fixed income, 2.09%; and direct lending, 0.12%.