Philadelphia Board of Pensions and Retirement is seeking a global custodian for the $6 billion pension plan.
The search is being conducted to comply with city ordinance requiring contracts to go out to rebid every four years, said Christopher R. DiFusco, chief investment officer for the pension fund. J.P. Morgan Chase is the plan’s current custodian and is welcome to rebid.
The RFP is available on Philadelphia's procurement website. Registration is required. Proposals are due by 5 p.m. EDT on Nov. 30. The board anticipates making a selection before Feb. 1.
Separately, the board agreed to commit $50 million to LLR Equity Partners VI, a buyout fund managed by LLR Partners, recently released board meeting minutes show.