State Street has been appointed by the Municipal Employees’ Retirement System of Michigan (MERS) to provide a range of investment services for US$6 billion in assets.
“After a competitive review, State Street proved best-suited to meet our growing needs,” says Jeb Burns, chief investment officer of MERS. “State Street’s expertise in daily valuation as well as its ability to provide a total servicing solution was key to our decision.”
The company will provide MERS with global custody, daily accounting and performance measurement, securities lending, cash management, and investment compliance monitoring.
“We are extremely pleased to secure this new mandate from the Municipal Employees’ Retirement System of Michigan,” says Vincent DeBaggis, senior vice-president of State Street’s public fund servicing team.
State Street has also been re-appointed by five current public fund customers: the City of Philadelphia Board of Pensions and Retirement, the State Retirement and Pension System of Maryland, the University of California Regents, the Montana Board of Investments, and the Minnesota State Board of Investment to provide services for more than $180 billion in assets.
To comment on this story, email april.scottclarke@rci.rogers.com.