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Board authorizes negotiations with JPMorgan for institutional custody services
Summary
The board authorized staff to enter contract negotiations with JPMorgan for the state's institutional custody services after a competitive RFP evaluation named JPMorgan the finalist offer; staff said negotiations and finalization may take months and will involve the Treasurer's office.
The State Board of Finance authorized staff to enter contract negotiations with JPMorgan as the finalist for the State’s institutional custody services contract (RFP 26‑341‑4000‑00003).
Director Ashley Leach summarized the procurement process: the RFP was issued Oct. 17, 2025; the evaluation committee of state and treasurer’s office experts scored two responsive proposals and selected JPMorgan as the finalist. Leach said contract negotiations may take several months and that board staff and counsel will work closely with the Treasurer’s office during the negotiation and final-execution phase.
Treasurer Laura M. Montoya emphasized that the procurement was critical for the office given recent growth in assets under management and recommended continued collaboration between board staff and the Treasurer’s office. The board voted by roll call to delegate authority to staff to finalize the contract following negotiations.
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