Custodial Bank Services

Milwaukee County, Wisconsin ("County") is soliciting proposals from qualified trust companies and commercial banks for the purpose of providing custodial/safekeeping services for the financial assets held or controlled by the County, other than pension fund assets held by a third-party custodian and/or money manager. The Department anticipates entering into a three-year professional services agreement from August 1, 2027 through July 31, 2030 with two (2) additional one-year renewal options.

Milwaukee County is securing the services of a trust company or commercial bank to provide custodial/safekeeping services for its investment portfolio.

The County is seeking Trust and/or Custodial Safekeeping Services for its investment portfolio.

Custody responsibilities include, but are not limited to the following:

• Dedicated client service team;
• Custody services for all assets;
• Reporting of all transactions in compliance with all General Accepted Accounting Principles (GAAP) and Government Accounting Standards Board (GASB) principles;
• Accurate trade processing and settlements and timely resolution of failed trades;
• Asset servicing, income collection, and daily sweeps of excess cash balances;
• Accurate reporting of all account activities and holdings on a monthly basis for all asset types utilized by the County;
• Maintenance of two separate accounts for each investment adviser, one sub-account for securities and one for cash is required;
• At least weekly valuation of security holdings in a timely and accurate manner;
• Accounting and reporting across multiple asset classes;
• Formal monthly reconciliation of assets and transactions with investment adviser(s);
• Consolidated electronic and hard copy reporting by manager, asset class, and fund;
• GIPs compliant performance measurement and analytics (as per CFA Institute, formerly known as AIMR);
• On-line capabilities, including access to daily transactions and balances;
• Issuance of safekeeping receipts, naming Milwaukee County as owner of the securities held;
• Respond in a timely manner to reasonable requests by the Treasurer or the County's investment adviser(s).

The services provided to Milwaukee County can be further qualified by the following:

• The average total investment balance for 2025 among all investment advisers (currently three) utilized by Milwaukee County was approximately **$260 million**.
• Number of CUSIPS in the safekeeping account is approximately 400 and may vary from month to month or year to year.
• Filing and holding securities is done electronically.
• Actual security transactions average 12-18 per year.

**Submission method:** proposals must be uploaded, submitted, and finalized through the Bonfire portal at https://countymilwaukee.bonfirehub.com/opportunities/239799 prior to the Closing Time of **December 4, 2026 at 5:00 PM CT**.

The Q&A period for this opportunity ends on **November 13, 2026 at 5:00 PM CT**.

The successful Proposer will be required to enter into an Agreement substantially in the form contained in Attachment I-1. Exceptions to the Agreement must be explicitly noted in the proposal using the checklist forms provided in Attachment I to the RFP.

All proposers must agree to the terms set forth on the *Insurance and Indemnity Acknowledgement Form* (Attachment C).

Evaluation criteria

• Responsiveness: Pass / Fail
• Cost Proposal: 20%
• Experience and Personnel: 40%
• Services: 40%
• Targeted Business Enterprise (TBE) Participation: Up to 10% Bonus Points

The Service Starting Date is August 1, 2027. The Proposer may not change the rate established by a contract throughout the term of the contract.