Macomb County Employees Retirement System, Mount Clemens, Mich., is searching for a firm to provide master trustee/custodial services, confirmed a source who did not want to be named.
Incumbent Wells Fargo is invited to rebid. The $820 million pension fund performs due diligence on its custodian about every five years.
The pension fund does not now use securities lending, but respondents can provide fee quotes with and without that service. There are also no plans to use global custodian services.
Investment consultant Graystone Consulting is assisting.
The RFI is available on the state procurement website. Proposals are due at noon EDT Sept. 18. A hiring decision is expected by the end of the year.