Florida State Board of Administration is seeking global master custodian for its $154.1 billion in funds, Pensions & Investments reports. Bank of New York Mellon, the current master custodian for the Florida Retirement System, can rebid.
BNY Mellon’s contract for the system’s $125.7 billion defined benefit plan will expire in 2012, while the contract for the $6.1 billion defined contribution plan will expire in 2011. The board is planning to make a selection by May 27, 2011. Consultant RV Kuhns is assisting with the search,which includes custodial support for securities lending programs.
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