Milwaukee County Employees’ Retirement System, hired Northern Trust for cash overlay services to manage an exposure ranging between $30 million and $60 million.
The $1.8 billion pension fund’s decision came down to fees, according to recently released minutes from the Sept. 17 board meeting.
State Street and Parametric Clifton — the two other finalists — quoted fees of an annual minimum of $65,000 and $75,000, respectively. Northern Trust quoted an annual minimum fee of $30,000.
The board named State Street temporary cash overlay manager until a search was completed after Bank of New York Mellon, which was the board’s incumbent, announced it was leaving that line of business, effective April 30, the minutes said.
The board issued an RFP for a manager of cash overlay services in June.
Marquette Associates, the pension fund’s investment consultant, assisted in the search.
Marian Ninneman, ERS manager, couldn’t be reached for comment.
