US - The $54.9bn Washington State Investment Board (WSIB) will begin its search for a new global custodian on Friday.
The WSIB's current custodian is State Street, and the new custodian's contract will begin in October 2002. Firms under consideration must have at least five US-based institutional clients, and those five should have $20bn or more in US marketable security trust assets.
Another requirement is that firms should have at least five years experience of providing institutional custodial services. Also, the WSIB say that firms must have at least five US-based institutional clients, each with a minimum of $5bn in international marketable security trust assets. Additional requirements will be set out in the request for proposal (RFP), when it is released on Friday.
The WSIB is a state agency that invests $54.9bn of assets on behalf of 31 separate funds. These funds are categorised as retirement (defined benefit and defined contribution), industrial insurance, deferred compensation, permanent funds and other trust funds.
Of the $54.9bn under WSIB management, pension fund assets total $42.6bn. The WSIB is responsible for the assets of six pension funds, the Public Employees' Retirement System (PERS); the Teachers Retirement System (TRS); the Law Enforcement Officers' & Fire Fighters' system (LEOFF); the Washington State Patrol Retirement System (WSPRS); the Judicial Retirement Systems (JRS); and the Judges' Retirement Fund.
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