Minnesota State Board of Investment, St. Paul, is searching for a master custodian for the $135.7 billion it manages in defined benefit and defined contribution plans and in other state funds.
The board is required by the state to rebid the contract for the master custodian position every five years.
State Street is the current custodian. Its contract expires on April 30, 2023.
Mansco Perry III, executive director and CIO, said State Street can rebid for the new five-year contract, in an email.
The RFP is posted on the board's website. Proposals are due by 3 p.m. CDT on May 31. The SBI expects to select a custodian in March 2023 and the start date of the contract likely will be on May 1, 2023, RFP documents said.
