St. Louis Employees chooses U.S. Bank as custodian

St. Louis Employees’ Retirement System hired U.S. Bank as custodian, said Richard Olliges, accounting officer.

The $800 million pension fund issued an RFP in June 2016 because it had been many years since the services had been put up for bid; incumbent custodian State Street was the other finalist.

Mr. Olliges said the transition to U.S. Bank is currently scheduled to take place on Aug. 1.

Investment consultant Summit Strategies Group assisted.