November 14, 2016
The Maryland State Treasurer (the Treasurer), on behalf of the Maryland State Retirement Agency (the Agency) and the Board of Trustees for the Maryland State Retirement and Pension System (the Board), is seeking proposals from qualified firms to provide global custody services. These services will include, but are not limited to, settlement, safekeeping, delivery, investment accounting and income collection, securities valuation, investment performance reporting, compliance reporting, short-term cash investments, and other services in connection with these investments. These services will not include the System’s securities lending program (the Securities Lending Program), which is handled separately and is currently managed by State Street Bank and Trust Company.
The successful Offeror shall provide global custody services for the following entities for which the Board provides administration, investment or management services (the System):
1.1.1. The several defined benefit retirement and pension systems comprising the Maryland State Retirement and Pension System (SRPS) under the State Personnel and Pensions Article (SPP) of the Annotated Code of Maryland (the Code);
1.1.2. The defined benefit retirement plans (the MTA Plans) administered by the Maryland Transit Administration (the MTA) with investment management assistance from the Board as provided under § 21-110(b) of SPP;
1.1.3. The Postretirement Health Benefits Trust Fund (the PHBT Fund) created under Title 34, Subtitle 1 of SPP, and
1.1.4. Any other fund, system or other entity managed or administered by the Board (the Other Funds).
One custodian will be selected as a result of this RFP. Pursuant to § 21-124 of the State Personnel and Pensions Article of the Annotated Code of Maryland (SPP), the Treasurer will appoint and contract with one firm to provide global custody services for both domestic and international assets managed by the Board as specified in this solicitation. The base term of this Contract for services will be for a three (3) year term with two (2) one-year renewal options. Exercise of the option(s) for extension will be solely at the discretion of the Treasurer or the Treasurer’s designee.
It is possible that none of the submitted proposals will be satisfactory to the System, in which case no selection will be made.