The Oklahoma Firefighters Pension & Retirement System, Oklahoma City, is soliciting proposals for domestic and international master trust/custodial services as well as passive index fund management and securities lending services.
Oklahoma Firefighters expects to enter into three separate contracts with the vendor selected, one for master trust/custodial services, one for securities lending services and one for passive index fund management. Each contract will have an initial term that runs until the end of the 2024 fiscal year, with up to four successive annual renewal periods before a new contract base will be required, according to the RFP.
The selected firm must be able to provide passively managed index funds, either mutual funds or collective trusts, to structure and maintain the pension fund's liquidity portfolio, which currently is made up of four State Street Global Advisors equity indexes: SSGA S&P 500, SSGA Small Cap Completeness, SSGA MSCI ACWI ex-U.S. and SSGA Bloomberg U.S. Aggregate Bond. The four funds collectively hold $486 million in assets.
The board of the $3.3 billion pension fund approved the RFP at a meeting on June 16, said Troy Brown, executive director at AndCo Consulting, Oklahoma Firefighters' investment consultant.
"The last RFP was 2010, so it's time to check the market," Mr. Brown said.
State Street, the current provider of the services, is expected to rebid.
The RFP is on the pension's fund website. Proposals are due by 5 p.m. EST on July 31.