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. The city needs to secure the safekeeping and administration of its investment securities and related financial instruments, including fixed income instruments. This initiative aims to establish dedicated relationship management, responsive client service, and structured account administration that allows for segregated accounts. The scope of work requires the custodian to handle trade settlement and processing, including delivery versus payment processing in accordance with industry standards. The selected vendor must collect and credit interest, process maturities, manage redemptions, and handle corporate actions. Additionally, the city requires liquidity management with same-day settlement for daily transactions, alongside detailed reporting on holdings, transactions, income, and market values compatible with internal systems. Eligible bidders must be onshore organizations based in the United States. The performance of all requested custody and administrative 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.