Investment Master Custody and Related Services

Agency:	State Government of Tennessee
State:	Tennessee
Type of Government:	State & Local
NAICS Category:	541611 - Administrative Management and General Management Consulting Services
Posted Date:	Mar 10, 2025
Due Date:	Apr 7, 2025
Solicitation No:	RFP 30901-62826
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STATE OF TENNESSEE

TREASURY DEPARTMENT

REQUEST FOR PROPOSALS

FOR

INVESTMENT MASTER CUSTODY AND

RELATED SERVICES

RFP # 30901-62826

RFP CONTENTS

SECTIONS:

INTRODUCTION

RFP SCHEDULE OF EVENTS

RESPONSE REQUIREMENTS

GENERAL CONTRACTING INFORMATION & REQUIREMENTS

EVALUATION & CONTRACT AWARD

ATTACHMENTS:

6.1. Response Statement of Certifications & Assurances

6.2. Technical Response & Evaluation Guide

6.3. Cost Proposal & Scoring Guide

6.4. Score Summary Matrix

6.5. Pro Forma Contract

INTRODUCTION

The State of Tennessee, Treasury Department, hereinafter referred to as “the State,” issues this Request

for Proposals (RFP) to define minimum contract requirements; solicit responses; detail response

requirements; and, outline the State’s process for evaluating responses and selecting a contractor to

provide the needed goods or services.

Through this RFP, the State seeks to procure necessary goods or services at the most favorable,

competitive prices and to give ALL qualified respondents, including those that are owned by minorities,

women, service-disabled veterans, persons with disabilities and small business enterprises, an

opportunity to do business with the state as contractors, subcontractors or suppliers.

1.1. Statement of Procurement Purpose

The State, as a top-tier pension administrator, intends to secure a contract for investment master custody

and related services including but not limited to: –

• Client relationship services, account set-up, maintenance and administration

• Global master custody and safekeeping services

• Trade processing, income and tax reclaim collection and settlement

• Securities litigation services

• Portfolio accounting and reporting service

• Third-party securities lending support services

• Corporate actions and proxy voting services

• Cash investment and foreign exchange services

• Daily valuation and unitization of portfolios

• Technology Consulting

The State is also requesting information management and decision-support tools, including consultation

and training on such tools, providing performance measurement, portfolio analytics, compliance and risk

reporting for the State’s investment assets.

The State seeks the highest level of service available in the industry. The services the State requests

through this RFP support a complicated investment management organization which employs a number

of investment management styles which include, but are not limited to: internal management techniques,

external managers, internally managed derivatives, and externally managed alternative investments. A

number of these activities are generally regarded as functions undertaken by investment management

organizations rather than a public pension. The State expects the provider of services to sustain a high

level of support for these investment management functions.

The State is requesting services for accounts in which the State Treasurer has investment responsibility,

which currently includes the Tennessee Consolidated Retirement System (TCRS), the Tennessee Chairs

of Excellence endowment fund (COE), , the Tennessee Promise endowment fund, the Tennessee Other

Post-Employment Benefit Trust (OPEB) and the Tennessee Qualified School Construction Bond program

(QSCB), the K-12 Mental Health Trust fund, as well as any future investment programs that may be

established and administered by the State. The State expects the successful respondent to provide

detailed data at the fund/account level, the portfolio level (i.e., all assets of a specific class within a

fund/account) and the sub-account level (i.e., all assets in a portfolio tied to a specific strategy).

The State is requesting unitization and daily valuation services for our managed fund offering to TCRS,

plan participants in the State’s defined contribution plan(s) and local governments with closed pension

plans. The managed fund option, the Tennessee Retiree Group Trust (TRGT) is the State’s investment

trust fund, in which TCRS is the largest single shareholder along with other participants, i.e. the defined

contribution plan(s), the City of Alcoa closed retirement plan, the City of Franklin closed retirement plan,

the City of Brownsville closed retirement plan, the City of Covington closed retirement plan, and the TCRS

Stabilization Reserve plan(s). The managed fund provides a unitized valuation fund environment in which

all asset classes are priced daily, along with the provision of associated fund operations with the State’s

RFP # 30901-62826

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defined contribution plan record keeper. In the future, likely during the period of this contract, the State

intends to provide multiple unitized valuation funds by segmenting portions of the managed fund to offer

further investment fund alternatives to those customers.

For more information on these programs, please access the TCRS Comprehensive Annual Financial

Report at http://treasury.tn.gov/TCRS_Annual_Reports.html and the Annual Treasurer’s Report at

http://treasury.tn.gov/Treasurer_Annual_Reports.html

The detailed requirements for the services requested in this RFP can be found in RFP Attachment 6.5,

Pro Forma Contract.

All times of day referred to throughout this RFP shall be Central Standard or Daylight Savings

Time, as applicable unless stated otherwise.

1.2. Scope of Service, Contract Period, & Required Terms and Conditions

The RFP Attachment 6.5, Pro Forma Contract details the State’s requirements:

 Scope of Services and Deliverables (Section A);

 Contract Period (Section B);

 Payment Terms (Section C);

 Standard Terms and Conditions (Section D); and,

 Special Terms and Conditions (Section E).

The pro forma contract substantially represents the contract document that the successful Respondent

must sign.

1.3. Nondiscrimination

No person shall be excluded from participation in, be denied benefits of, or be otherwise subjected to

discrimination in the performance of a Contract pursuant to this RFP or in the employment practices of the

Contractor on the grounds of handicap or disability, age, race, creed, color, religion, sex, national origin,

or any other classification protected by federal, Tennessee state constitutional, or statutory law. The

Contractor pursuant to this RFP shall, upon request, show proof of such nondiscrimination and shall post

in conspicuous places, available to all employees and applicants, notices of nondiscrimination.

1.4. RFP Communications

1.4.1. The State has assigned the following RFP identification number that must be referenced in all

communications regarding this RFP:

RFP # 30901-62826

1.4.2. Unauthorized contact about this RFP with employees or officials of the State of Tennessee

except as detailed below may result in disqualification from consideration under this

procurement process.

1.4.2.1. Prospective Respondents must direct communications concerning this RFP to the

following person designated as the Solicitation Coordinator:

Dawn Rochelle, Solicitation Coordinator

Tennessee Treasury Department

Telephone: (615) 253-8770

Email: dawn.rochelle@tn.gov

1.4.2.2. Notwithstanding the foregoing, Prospective Respondents may alternatively contact:

RFP # 30901-62826

Page 3 of 77

a. staff of the Governor’s Office of Diversity Business Enterprise for assistance

available to minority-owned, woman-owned, service-disabled veteran-owned,

businesses owned by persons with disabilities, and small businesses as well as

general, public information relating to this RFP (visit

https://www.tn.gov/generalservices/procurement/central-procurement-office--cpo-

/governor-s-office-of-diversity-business-enterprise--godbe--/godbe-general-

contacts.html for contact information); and

b. the following individual designated by the State to coordinate compliance with the

nondiscrimination requirements of the State of Tennessee, Title VI of the Civil

Rights Act of 1964, the Americans with Disabilities Act of 1990, and associated

federal regulations:

Jamie Formont

State of Tennessee, Treasury Department

Human Resources Director

Telephone: (615) 734-2245

Email: jamie.formont @tn.gov

1.4.3. Only the State’s official, written responses and communications with Respondents are binding

with regard to this RFP. Oral communications between a State official and one or more

Respondents are unofficial and non-binding.

1.4.4.

Potential Respondents must ensure that the State receives all written questions and comments,

including questions and requests for clarification, no later than the Written Questions &

Comments Deadline detailed in the RFP Section 2, Schedule of Events. Any written questions or

comments must be e-mailed to the Solicitation Coordinator at dawn.rochelle@tn.gov. The State

intends to hold a second round of Written Questions & Comments as detailed in the RFP Section

2, Schedule of Events. During this second round, the State only commits to responding to follow-

up Written Questions & Comments from potential Respondents, which ask for further information

based on a first round State response. For this reason, the State encourages potential

Respondents to ask all of their questions and make all their comments during the first round.

1.4.5. Respondents must assume the risk of dispatching any communication or response to the State.

The State assumes no responsibility for delays in the State’s receipt of any communication or

response from Respondents due to technical or other filing delays.

1.4.6. The State will convey all official responses and communications related to this RFP to the

prospective Respondents from whom the State has received a Notice of Intent to Respond (refer

to RFP Section 1.8).

1.4.7.

The State will convey official, written responses and communications related to this RFP through

electronic mail to the prospective Respondents from whom the State has received a Notice of

Intent to Respond. The State may also convey such communications by Internet posting. For

internet posting, please refer to the following website:

https://www.tn.gov/generalservices/procurement/central-procurement-office--cpo-/supplier-

information/request-for-proposals--rfp--opportunities1.html.

1.4.8. The State reserves the right to determine, at its sole discretion, the appropriateness and

adequacy of responses to written comments, questions, and requests related to this RFP. The

State’s official, written responses will constitute an amendment of this RFP.

1.4.9.

Any data or factual information provided by the State (in this RFP, an RFP amendment or any

other communication relating to this RFP) is for informational purposes only. The State will make

reasonable efforts to ensure the accuracy of such data or information, however it is the

Respondent’s obligation to independently verify any data or information provided by the State.

RFP # 30901-62826

Page 4 of 77

The State expressly disclaims the accuracy or adequacy of any information or data that it

provides to prospective Respondents.

1.5. Assistance to Respondents With a Handicap or Disability

Prospective Respondents with a handicap or disability may receive accommodation relating to the

communication of this RFP and participating in the RFP process. Prospective Respondents may contact

the Solicitation Coordinator to request such reasonable accommodation no later than the Disability

Accommodation Request Deadline detailed in the RFP Section 2, Schedule of Events.

1.6. Respondent Required Review & Waiver of Objections

1.6.1.

Each prospective Respondent must carefully review this RFP, including but not limited to,

attachments, the RFP Attachment 6.5., Pro Forma Contract, and any amendments, for questions,

comments, defects, objections, or any other matter requiring clarification or correction (collectively

called “questions and comments”).

1.6.2. Any prospective Respondent having questions and comments concerning this RFP must provide

them in writing to the State no later than the Written Questions & Comments Deadline detailed in

the RFP Section 2, Schedule of Events.

1.6.3. Protests based on any objection to the RFP shall be considered waived and invalid if the

objection has not been brought to the attention of the State, in writing, by the Written Questions &

Comments Deadline.

1.7. Pre-Response TeleConference

A Pre-response Teleconference will be held at the time and date detailed in the RFP Section 2, Schedule

of Events. Pre-response Teleconference attendance is not mandatory.

To participate in the teleconference, contact the Solicitation Coordinator, Dawn Rochelle, at (615) 253-

8770 or via e-mail at Dawn.Rochelle@tn.gov for further instructions.

The purpose of the conference is to discuss the RFP scope of goods or services. The State will entertain

questions, however prospective Respondents must understand that the State’s oral response to any

question at the Pre-response Teleconference shall be unofficial and non-binding. Prospective

Respondents must submit all questions, comments, or other concerns regarding the RFP in writing prior

to the Written Questions & Comments Deadline date detailed in the RFP Section 2, Schedule of Events.

The State will send the official response to these questions and comments to prospective Respondents

from whom the State has received a Notice of Intent to respond as indicated in RFP Section 1.8 and on

the date detailed in the RFP Section 2, Schedule of Events.

1.8. Notice of Intent to Respond

Before the Notice of Intent to Respond Deadline detailed in the RFP Section 2, Schedule of Events,

prospective Respondents should submit to the Solicitation Coordinator a Notice of Intent to Respond (in

the form of a simple e-mail). Such notice should include the following information:

 the business or individual’s name (as appropriate);

 a contact person’s name and title; and

 the contact person’s mailing address, telephone number, facsimile number, and e-mail address.

A Notice of Intent to Respond creates no obligation and is not a prerequisite for submitting a

response, however, it is necessary to ensure receipt of any RFP amendments or other notices and

communications relating to this RFP.

RFP # 30901-62826

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This page summarizes the opportunity, including an overview and a preview of the attached documents.

Document ID & Hyperlink:	RFP 30901-62826
Event Start - Response Due:	03/10/2025 04/07/2025
Event Name:	Investment Master Custody and Related Services
Last Updated:

Investment Master Custody and Related Services

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