Oklahoma Firefighters Pension & Retirement System, Oklahoma City, is again soliciting proposals for domestic and international master trust/custodial services as well as passive index fund management and securities lending services.
The board of the $3.7 billion pension fund approved the RFP at a meeting on Aug. 16, said Troy Brown, a managing director at Mariner Institutional, the pension fund’s investment consultant.
The RFP follows a previous RFP, which had been awarded to Northern Trust in September 2023.
“After nearly a year of discussion with Northern Trust, we have not yet come to a contractual agreement with them,” said Chase Rankin, executive director of the pension fund, in a statement.
Rankin explained that he asked the board to reissue the RFP to reassess the market, solicit additional bids and allow State Street, the current provider of the services, the opportunity to retain the business.
State Street was one of the firms put on a blacklist for allegedly discriminating against oil and gas companies because of its ESG investing practices. The law leading to the creation of the blacklist was permanently blocked by an Oklahoma judge in July.
“Northern Trust is very much encouraged to bid in this RFP and they continue to be considered for the relationship,” Rankin said.
The RFP is on the pension fund’s website. Proposals are due by 5:00 p.m. EST on Sept. 20.
