Specifications include, but are not limited to: The Office of the State Treasurer (“OST”) is seeking proposals to provide Custody Management Services as defined in this Request for Proposals (RFP) document. This document provides instructions to Bidders for submitting proposals, the procedure and criteria by which the Provider, also known as the Custodian or Custodian Bank, will be selected, and the contractual terms which will govern the relationship between the State of Maine (“State”) and the Provider. OST currently maintains a $4.01 billion high-quality fixed income investment portfolio for the Treasurer’s Cash Pool. These funds are managed by OST. The Custodian Bank will not have responsibility for investing or reinvesting these monies. The Custodian Bank will not have any responsibility for tracking or recording transactions related to bank deposits, collateralized CDs, or money market mutual funds. As of January 31, 2022, this represents over half the overall portfolio or $2.68 billion. The remaining $1.34 billion is invested in bank deposits, non-negotiable collateralized certificates of deposits with local banks and money market mutual funds. Balances are currently elevated because of aid provided by the Federal Government to address the COVID-19 pandemic and surplus state revenues.
