LACERA - The Los Angeles County Employees Retirement Association LACERA Home Disclaimer Links My LACERA FAQs Contact Us LACERA Home


Search by Topic

Brochures & Forms


OPPORTUNITIES


RFP: Security Lending Services

The Los Angeles County Employees Retirement Association (LACERA), a $58.4 billion public pension fund, is evaluating the capabilities of firms that offer Securities Lending services.

Services to be Provided

LACERA is seeking one or more firms to provide securities lending services. The mandate is to: 1) lend publicly traded securities held at LACERA’s custodian bank, State Street Bank and Trust (this excludes assets in commingled fund vehicles), and 2) manage collateral reinvestment. As of June 30, 2019, LACERA’s total lendable base was approximately $7.8 billion. The composition by asset category is as follows: domestic equity ($1.6 billion), corporate bonds ($3.5 billion), international equities ($1.1 billion), U.S. Treasurys ($1.4 billion), and U.S. Agency securities ($0.2 billion). The lendable base is anticipated to increase significantly (by approximately $14.5 billion) once global equity indexed assets (MSCI ACWI) transition from commingled funds to separate accounts..

Submission Requirements

Submit the completed questionnaire, placement agent disclosure and SEC compliance form, and supplemental information. Responses to the questionnaire should be limited to a maximum of 25 pages, double-sided, 12 point size font using Microsoft Word (a version compatible with MS Word 2016). Submit one (1) copy of your written response and one (1) electronic copy, on a flash drive to:

  • Mr. Robert Z. Santos
  • Investment Officer
  • LACERA
  • 300 North Lake Avenue, Suite 850
  • Pasadena, CA 91101-4199

Also, send one unbound copy marked “REDACTED.” The redacted copy should exclude all material from your proposal that you believe in good faith is exempt from disclosure under the California Public Records Act, Cal. Government Code section 6250 et seq. (described in Section VI of this RFP). Redactions should appear as blacked out material or blank page(s) with the word “REDACTED” or “PROPRIETARY” inserted.

Please confirm receipt of your firm’s response by emailing Ms. Cynthia LeShay at cleshay@lacera.com.

In addition, send one electronic copy of your written response to:

  • Mr. Stephen MacLellan
  • Consultant
  • Meketa Investment Group, Inc.
  • 100 Lowder Brook Drive, Suite 1100
  • Westwood, MA 02090
  • smaclellan@meketagroup.com

Following the evaluation of the written responses, LACERA may invite managers for interviews.

Deadline

Completed responses must be received no later than 3:00 PM (PST) on Friday, September 20, 2019.

RFP MATERIALS

PDF Icon RFP: Security Lending Services