Milwaukee County Employees' Retirement System will search for a custodian this year.
The $1.7 billion pension fund will issue an RFP due to its board's policy to put the services up for bid every three to five years, said Erika Bronikowski, director, retirement plan services, in an email.
Current custodian Northern Trust will be invited to rebid, she said.
Ms. Bronikowski said a timeline for the search has yet to be determined, since the RFP has yet to be drafted and reviewed, but it should be issued by the end of the year.
As of Nov. 30, the pension fund's actual allocation was 26% domestic equities, 16.8% private equity, 13.8% fixed income, 12.3% international equities, 11.9% infrastructure, 9.1% alternative investments, 8.1% real estate, 1.2% private debt and the rest in cash equivalents.
The target allocation is 26% domestic equities, 20% fixed income, 15.5% international equities, 11% private equity, 10% infrastructure, 9% alternative investments, 5% real estate and 3.5% private debt.
The pension fund has historically posted RFPs on the county's procurement website.
Investment consultant Marquette Associates will assist with the search.