Updated with correction
Trustees of the $34.5 billion Texas Municipal Retirement System, Austin, approved rehiring State Street as the pension fund's master custodian during a May 27 board meeting, confirmed Christine M. Sweeney, chief legal officer, in an email.
TMRS issued an RFP on Dec. 11. State Street's new contract begins Jan. 3, 2022.
Terms of the contract, including its length, are under negotiation, Ms. Sweeney said.
Separately, TMRS' investment officers invested or committed a total of $765 million to seven investment funds in March and April, an online transaction report showed.
The largest asset class commitment — $415 million to five funds — was from the retirement system's $1.5 billion private equity portfolio.
Existing manager Insight Partners was awarded a total of $165 million with $125 million committed to Insight Partners XII, a growth equity fund, and $40 million to Insight Partners XII Buyout Annex.
A $100 million commitment was made to Provident Strategic Growth V. Existing manager Providence Strategic Growth is the growth equity affiliate of private equity manager Providence Equity Partners.
Commitments of $75 million each went to new managers Public Pension Capital, for a middle-market buyout fund, and Ara Partners for its Ara Fund II, which focuses on decarbonization investing.
From the retirement system's $11.6 billion global equity portfolio, $200 million was invested in MW TOPS World Equities (U.S.) Fund, a trade-optimized portfolio system designed to capture alpha, run by Marshall Wace, a new manager for the pension fund.
TMRS also committed $150 million to existing manager Magnetar Financial for investment in its MTP Climate Infrastructure Fund.
