Michigan Muni picks State Street as custodian

Michigan Municipal Employees’ Retirement System, Lansing, hired State Street Corp. for global custody and other services, including performance measurement, securities lending, cash management and investment compliance monitoring for the $6 billion system. “State Street’s expertise in daily valuation as well as its ability to provide a total servicing solution was key to our decision,” said system CIO Jeb Burns in a news release from State Street. Mr. Burns did not respond to a call seeking information about the new hire. Northern Trust was the system’s previous global custodian, according to the 2008 Money Market Directory.