Royal Oak, Mich., searching for investment consultant, custodian

Royal Oak (Mich.) Retirement System is searching for an investment consultant and a master trustee/custodian, according to RFI documents.

Services sought for a consultant to the $130 million defined benefit plan include investment policy development, asset allocation studies, manager search and performance measurement and monitoring, according to the RFI.

The master trustee/custodian search requires the applicant have at least $500 million in tax-exempt assets under custody and to have been in business at least 10 years. The scope of services identified include all general custodial processes.

The fund's incumbent for both the consulting and custody roles, The Brice Group, may bid on the business, said Julie Rudd, director of finance for the city, in an e-mail response to a request for information.

Both RFIs, posted on Michigan's MITN purchasing website, are due by 4 p.m. EST on Jan. 16. Registration is required for the site.