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.
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