Florida looks for new master custodian
15 December 2010 Tallahassee
Image: Shutterstock
Florida State Board of Administration is to begin a search in March for a master custodian in a move that may mean it unbundles securities lending and other services from the mandate.
Consultants have been invited to develop the criteria for the search for the $147.5 billion fund, which is made up of both pension and non-pension assets.
Currently, Bank of New York Mellon is master custodian for the funds, with Deutsche Bank and ClearLend Securities providing supplementary services including securities lending.
Consultants have been invited to develop the criteria for the search for the $147.5 billion fund, which is made up of both pension and non-pension assets.
Currently, Bank of New York Mellon is master custodian for the funds, with Deutsche Bank and ClearLend Securities providing supplementary services including securities lending.
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