Farmington Hills (Mich.) Employees' Retirement System hired Comerica Bank as custodian and trustee, said Thomas Skrobola, city finance director.
The $163 million pension fund issued an RFP in April. Incumbent custodian Wells Fargo did rebid for the services, Mr. Skrobola said. Fifth Third Bank and U.S. Bank were the other finalists.
Comerica will also provide the services for the city's $84 million retiree health-care plan.
Investment consultant AndCo Consulting assisted.
