Bids in for OCERS custody and sec lending
The final bids are in for a $12bn global custody mandate with Orange County Employees Retirement System, or OCERS.
A deadline for request for proposals (RFPs) finished on Friday May 20th, with multiple global custodians expected to be in the running for the business.
State Street is the current custodian, providing accounting, securities settlement, cash management, securities lending and corporate actions processing.
OCERS invites competitive bids every five years. "We are not obligated to retain the incumbent nor motivated to change for the sake of change,” said a statement on OCERS' website.
The California-based pension plan provides retirement, death, disability and cost of living benefits to more than 41,400 local public employees and their families.
Its $12bn worth of assets under management include investments in global equity, emerging market equity, domestic fixed income, emerging market debt.
The fund also has money allocated to diversified credit, hedge funds, real estate and private equity.
Girard Miller has been chief investment officer since 2012.
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