The Illinois State Board of Investment (ISBI) is seeking a new provider for master trust and custody services both on a domestic basis and internationally.
ISBI has issued a request for competitive proposals from qualified custodian banks, and has given them until 27 July to respond.
Currently, its custody services are provided by State Street Bank and Trust.
A non-appropriated state agency, ISBI is responsible for managing the pension assets of the Illinois General Assembly Retirement System, the Judges’ Retirement System of Illinois, and the State Employees’ Retirement System of Illinois. As of 31 March, it has net assets of $15.4 billion.
The new custodian must be able to provide accounting services for corporate actions, securities lending, equity real estate, private equity, and future and multi-currency derivatives.
It will have to provide securities settlement for physically held securities and foreign exchange transactions, and all trade data must be electronically accessible by ISBI.
The custodian will be responsible for cash and foreign exchange management, securities lending reporting, and corporate actions and proxy processing services, and should be able to offer technology and systems support and security, as well as reporting capabilities, performance measurement and analytics, and compliance monitoring.
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