2020 Custody RFP & RFI Initiatives Summary
The 2020 Custody Request for Proposal (RFP) and Request for Information (RFI) focus on enhancing transparency, engagement, and participation with various pension funds and agencies in Ohio. The Treasurer's Office is committed to improving the custodial RFP process, including initiatives such as fund engagement, finalist selections, fee negotiations, and feedback incorporation. Additional enhancements for the 2020 RFP aim to further improve partnership with the funds and increase transparency.
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2020 Custody RFP & RFI June 13, 2019
Custody RFP: Cross Impacted Pension Funds and Agencies Ohio Bureau of Workers Compensation Ohio Police and Fire Pension Fund Public Employees Retirement System of Ohio School Employees Retirement System of Ohio State Highway Patrol Retirement System State Teachers Retirement System of Ohio Ohio Tuition Trust Authority Southern Ohio Agricultural and Community Development State Treasury
Custody RFP: Commitment The Treasurer s Office (TOS) will further improve the custodial RFP process to ensure the ongoing engagement and participation of the retirement funds and other agencies (Funds) For the 2020 RFP TOS commits to continue to provide and further expand Transparency Engagement Participation
Custody RFP: 2016 RFP Improvement Recap RFP Enhancements Re-write of the RFP Naming of respondent finalists Elongated RFP timeline Onsite respondent finalist oral presentations Pre-designation legal discussions Formal fee negotiations Custodial executed FX included in the RFP allowing for holistic custody fee evaluation and negotiation Custody consultant engaged to assist in the technical evaluation, oral presentations, fee and custody FX rates, and contract discussions
Custody RFP: 2016 RFP Improvements Recap Fund engagement Engaged Funds for suggestions on the RFP approach, timeline, and other improvements Funds asked to review the draft RFP with their feedback incorporated Fund specific requirements, ancillary services, and questions included Funds received all the RFP written responses for review Funds participated in the RFP finalist oral presentations Pre-fee negotiation Fund placement preference discussion to improve negotiating position Fund feedback on respondents requested and taken into account Funds asked to provide respondent rankings and placement preferences
Custody RFP: 2020 Additional Enhancements For the 2020 RFP, TOS wants to continue to partner with the Funds and provide even greater engagement and transparency Carry forward all the 2016 RFP enhancements Assess and incorporate incumbent custodian service performance for last 12 months Funds asked to assess their incumbent custodian(s) performance Custodians to self-assess their performance perceptions with RPF response Reviewed in the oral presentations and accounted for in overall evaluations Share all the completed TOS technical evaluation/other documents with the Funds for review and feedback Share all the completed TOS fee evaluation documentation with the Funds for review and feedback As in 2016, Funds views and preferences will be sought and taken into account
Custody RFP: 2020 RFP Timeline Q1/Q2 2019 Custody Consultant RFI released - Completed Custody Consultant RFI responses due - Completed Custody Consultant RFI selection announced Completed TOS/Funds kick off meetings by 06/14/2019 TOS edits to RFP/RFI and other templates by 06/30/2019 Draft RFI/RFP and other templates provided to the Funds for review by 06/30/2019 Q3 2019 Fund demographic information received by 08/31/2019 RFP/RFI feedback and edits from the Funds by 08/31/2019 Final draft RFP/RFI provided to the Funds by 09/30/2019
Custody RFP: 2020 RFP Timeline continued Q4 2019 Final RFI/RFP provided to the Funds by 10/25/2019 Incumbent Custodian Scorecard from the Funds by 11/01/2019 Ohio newspaper advertisement publication date 1 by 10/19/2019 Ohio newspaper advertisement publication date 2 by 10/26/2019 Pension & Investment advertisement publication date by 10/26/2019 RFI/RFP release date 11/01/2019 Submission deadline for RFP/RFI inquiries 11/20/2019 Inquiry responses posted on TOS website 11/26/2019 RFP/RFI technical response submission due date 12/13/2019 RFP/RFI submissions provided to the Funds for review 12/16/2019
Custody RFP: 2020 RFP Timeline continued Q1 2020 Funds provided with TOS Technical Evaluation by 01/22/2020 Funds provided with initial Respondent Fee analysis by 01/22/2020 Respondent Finalists notifications by 01/24/2020 TOS on-site Oral presentations with the Funds - by 02/14/2020 Pre-designation preferences provided by the Funds by 02/18/2020 Legal calls by 02/28/2020 Reference check calls conducted by 02/28/2020 Respondent Finalist fee negotiations by 02/28/2020 Reference call summaries provided to the Funds by 03/02/2020 Final Fee Analysis provided to the Funds by 03/02/2020 Final Fund placement preferences provided to TOS by 03/06/2020 Domestic and Global Custodian designation by 03/16/2020
Custody RFP: 2020 RFP Documents RFP/RFI Domestic Custody RFP Global Custody RFI RFP/RFI Exhibits Letter of Transmittal Business Requirements Deviations from RFP/RFI Business Requirements Minimum Technical Requirements Transaction File Minimum Technical Requirements Holding File Fee Proposal Custodian Self-Evaluation Template RFP/RFI Appendixes Beneficial Owner Profile Templates
Custody RFP: 2020 RFP Evaluation Documents RFP/RFI Respondent Evaluation Documents Technical (written) Response Evaluation Templates Fee Evaluation Templates Reference Check Templates Beneficial Owner - Incumbent Custodian Evaluation Forms Oral Presentation Evaluation Templates Contract Discussion Overview Templates Beneficial Owner Preference Templates
