Investment Custody, Securities Lending, and Backup Trustee Services

The City of Minneapolis, Minnesota is seeking a vendor to provide comprehensive investment custody, securities lending, and backup trustee services for the safekeeping and administration of the city's investment securities and related financial instruments. The city needs to solve the challenge of managing, protecting, and reporting on its investment portfolio, which includes secure custody of fixed income instruments. To address this, the city requires dedicated relationship management, client service support, and the establishment and maintenance of segregated custody accounts. The scope of work covers trade settlement and processing, including delivery versus payment processing in accordance with industry standards and statutory requirements. The selected custodian must collect and credit interest and other income, process maturities and redemptions, and handle corporate actions. Additionally, the city requires liquidity management capabilities to process daily transactions, deposits, withdrawals, and transfers to and from designated bank accounts with same-day settlement and accurate reconciliation. The city requires detailed, timely, and accurate reporting on holdings, transactions, income, and market values in formats compatible with internal systems and audit requirements. The city also prefers a custodian that offers a securities lending program. Eligible bidders must be onshore organizations located in the United States, and the performance of the work will take place offsite. The city is currently looking for proposals to determine the budget for these services. Bidders must submit all questions regarding this opportunity no later than June 10, 2026.