Los Angeles City Employees' Retirement System's board on Tuesday voted to launch an RFP for a custodial bank to provide master trust/custodial services and securities lending services.
LACERS will be conducting the search because current contracts with Northern Trust Co. expire on July 31, 2024. Northern Trust has provided the $22.1 billion pension fund's custodial and securities lending services since 1991. Northern Trust will need to rebid to maintain its current mandates.
Pension fund staff expect to release the RFP on Sept. 11 with a deadline for responses on Nov. 28 and a selection in the second quarter of 2024. The RFP will be posted on LACERS' website.