25 May 2016
Reporter: Drew Nicol

Orange County seeks sec lending provider

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’s 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: “We are not obligated to retain the incumbent nor motivated to change for the sake of change.”

State Street, OCERS’s current provider of custody services, will be aiming to renew its contract with the state.

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