Florida looks for new master custodian
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.