RFP issued for commonwealth pension reserve custodian

By The Star Staff

The Financial Oversight and Management Board for Puerto Rico, on behalf of the Commonwealth Plan of Adjustment Pension Reserve Board, the entity supervising the pension system, has issued a request for a custodian for the pension reserve.

According to the request for proposal (RFP), those responding to the RFP have until 3 p.m. on Nov. 18 to deliver materials to maria.lopez@promesa.gov.

The pension reserve board will be responsible for selecting a provider.

The respondent must meet the minimum requirements, which are that: Respondent must be a U.S.-domiciled national bank or trust company and member of the Federal Reserve, or a U.S. subsidiary of a foreign bank subject to the jurisdiction of U.S. courts with substantial unimpaired equity capital.

Respondents must also have a global footprint in common investment destinations to handle the expected globally diversified portfolio. Respondents with total assets under custody in excess of $1 trillion as of Dec. 31, 2021 will be looked upon favorably, according to a statement.

The respondent must have at least five U.S.-based public fund institutional clients each with total marketable security trust assets in excess of $10 billion.