US - The Municipal Employees' Retirement System of Michigan (MERS) has appointed State Street Corporation as custodian for its $6bn in assets.
Jeb Burns, CIO, MERS said: "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 also provide securities lending, daily accounting and performance measurement for the fund.
Vincent DeBaggis, senior vice president of State Street's public fund servicing team, commented: "With the growing complexity involved in servicing public funds, more of them are recognising the importance of partnering with service providers who can keep pace with their complex requirements."
State Street also announced it currently held custody mandates for 40% of public funds in the US, including contracts in 34 states.
Recent reappointments for the company include the City of Philadelphia Board of Pensions and Retirement, the State Retirement System of Maryland and Montana Board of Investments.
The Pensions Regulator (TPR) has set out plans to use "new regulatory initiatives" with over 1,000 schemes as it aims to tighten its regulatory grip and boost member outcomes.
HM Revenue and Customs (HMRC) has announced it is delaying the provision of data that will enable pension schemes to confirm the guaranteed minimum pension (GMP) benefits to pay to members until the end of the year.
This week's top stories include an article on climate activists from Extinction Rebellion crashing the PLSA's local authority conference, and an in-depth piece on the Court of Appeal's ruling on the BIC UK Pension Scheme case.
Engagement in pensions is rising but there are still a number of barriers to overcome. Natanje Holt looks at the key issues that need to be tackled