Newark Civicplus #RFP 26-03

Newark seeks combined investment management and custody for pension and OPEB assets

The City of Newark, Delaware, is seeking one provider for investment management and custody of its pension and OPEB assets. - Government buyer: City of Newark, through its Administration and Finance departments and Purchasing Division. - Opportunity: A single combined proposal is required for the Employee Pension Fund and Other Post-Employment Benefits (OPEB) Trust; proposals covering only one service area will not be considered. The assets are valued at approximately $156 million. - Investment management: Provide discretionary 3(38) fiduciary management, review the current investment structure, recommend strategic and procedural adjustments, monitor performance and policy compliance, advise on asset allocation, and provide reporting. Separate investment guidelines or allocations may be proposed for the two accounts. The provider is also expected to attend semi-annual Pension Committee meetings and conduct transactions within policy. - Custody: Provide custody and safekeeping, securities processing, cash management, accounting, reporting, and related services. Proposals should address transition planning, reconciliation of assets and transactions, and minimizing time out of the market; in-kind transfers are preferred where practicable. Master trust, unitization, and benefit-payment services are not required. - Vendors named: Charles Schwab, through DT Investments, is identified as the incumbent custodian, and the City may retain it. Russell Investments is mentioned in an RFP question, but is not identified as an awardee. - Pricing and term: Disclose total costs and separately itemize investment-management fees, custody fees, underlying investment-vehicle expenses, third-party manager fees, and other applicable charges. The base term is five years, with up to three one-year renewal options.

Description

The City of Newark is seeking one combined proposal for investment management and custodial services for its Employee Pension Fund and Other Post-Employment Benefits (OPEB) Trust. Proposals covering only one service area will not be considered. Proposals must be submitted by email in PDF format and may not exceed 25 MB. The source states the current market value of the opportunity is approximately $156 million.

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