Custody, Securities Lending, and Trustee Services

The City of Minneapolis is seeking a qualified vendor to provide custody, securities lending, and trustee services for the management of its main investment pool. The City typically administers approximately $1 billion in fixed income investments, and the total assets under administration are expected to remain stable over the next several years.

Key responsibilities include dedicated client service and relationship management, timely and effective inquiry response, and active participation in periodic reviews. The selected firm will be responsible for establishing and maintaining custody accounts as directed by the City, with flexibility to segregate accounts as needed. The vendor must provide detailed, accurate, and timely reporting on holdings, transactions, income, and market values, with reports compatible with the City’s internal systems and audit requirements.

Additional required services include safekeeping and custody of assets, trade settlement and processing, income collection and corporate actions management, liquidity management, securities lending services, and trustee services. The initial contract period is for two years.