The Municipal Employees Annuity and Benefit Fund of Chicago has issued a request for proposals for a provider of custody, securities lending and /or benefit payment services.
The fund, whose assets are valued at $5.2 billion, currently uses Northern Trust as its custodian.
The deadline for responses to the RFP is Oct. 12 2012.
Following review and evaluation of complete responses from interested respondents, the field of candidates will be narrowed to a smaller list of the most highly qualified Respondents. The funds staff and investment consultant will meet with representatives of each Respondent to obtain an independent assessment of the Respondents capabilities.
The three services covered by this RFP are core and ancillary custody services, securities lending services and benefit payment services.
Core and ancillary custodial services include accounting/audit, securities settlement, cash management, corporate actions, class actions, and proxy processing, technology and systems support, reporting requirements, performance measurement and analytics, compliance monitoring, third-party securities lending and foreign exchange services
Further information on the tendering process can be obtained here.
(JDC)