US - The US$7.5bn Teachers' Retirement System of Oklahoma (TRS) has tendered for a global master custodian and one or more securities lending agents.
TRS said firms could submit both bundled and unbundled proposals for custodial services and securities lending or could submit proposals for securities lending only.
“The board of trustees may award one or more contracts for securities lending with the custodian acting as safekeeping agent,” the fund said.
“The intent of this request for proposal is to receive and evaluate the cost of custodial services and securities lending activities.”
The current global custodian and securities lending contracts, which have been in effect since November 1999, are with the Northern Trust Company in Chicago, but TRS said Oklahoma law provides for “periodic re-bidding of contracts, on a competitive bid basis”. Northern Trust is expected to respond to the RFPs.
Under Oklahoma law, contracts can only be awarded for a period of one-year, however successive annual renewals may be made. TRS expects the contract will begin on November 1, 2005.
Current asset allocation stands at 52% domestic equity, 18% international equity, 27.8% domestic fixed income, 1.5% international fixed income and 0.7% cash.
Consultant the gregory.w.group is assisting the board of trustees with the search process. Deadline for tender is May 13.
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