Orange County seeks sec lending provider
25 May 2016 California
Image: Shutterstock
The Orange County Employees Retirement System (OCERS) is assessing bids from global custodians to take over the management of its securities lending programme.
The deadline for custodians to register their interest was 20 May.
As well as securities lending, prospective custodians will be expected to provide a number of services, including accounting, securities settlement, cash management, directed brokerage services, corporate actions, class actions and proxy processing.
The OCERS鈥檚 request-for-proposals came as part of its contractual requirement to ensure it has the most cost-effective overseer for the custody of its assets by opening itself to re-bids every five years.
In its RFP, OCERS said: 鈥淲e are not obligated to retain the incumbent nor motivated to change for the sake of change.鈥�
State Street, OCERS鈥檚 current provider of custody services, will be aiming to renew its contract with the state.
The deadline for custodians to register their interest was 20 May.
As well as securities lending, prospective custodians will be expected to provide a number of services, including accounting, securities settlement, cash management, directed brokerage services, corporate actions, class actions and proxy processing.
The OCERS鈥檚 request-for-proposals came as part of its contractual requirement to ensure it has the most cost-effective overseer for the custody of its assets by opening itself to re-bids every five years.
In its RFP, OCERS said: 鈥淲e are not obligated to retain the incumbent nor motivated to change for the sake of change.鈥�
State Street, OCERS鈥檚 current provider of custody services, will be aiming to renew its contract with the state.
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