The $125 million Sterling Heights (Mich.) Police and Fire Retirement System Act 345 hired Comerica as its new master custodian. The hiring was the result of a regular five-year review of master custodial services. Michigan National Bank was the previous provider, said Michael Glick, secretary.
Mr. Glick also said the system will be conducting an asset allocation study and look specifically at its real estate portfolio. The allocation is less than 0.5% of fund assets but includes several limited partnerships that have not performed well, Mr. Glick said. Fund trustees will be looking at other investment vehicles. Under the basket clause the system is allowed to invest up to 5% in real estate. The system will also be reviewing securities lending and commission recapture.