Monroe County (Mich.) Employees Retirement System hired Fifth Third Bank as custodian.
The $232 million pension fund's board approved the action at its Nov. 13 meeting, recently released meeting minutes showed.
The pension fund issued an RFP in October. At its Oct. 3 meeting, the pension fund cited an internal software update by its incumbent custodian Comerica as the impetus for conducting a search for a replacement.
"Since conversion, statements are now formatted differently and have been delayed, ACH transactions and wires have been delayed. There has been a significant decline in customer service," according to Oct. 3 meeting minutes.
Comerica spokespeople Nicole Hogan and Louis Mora could not be immediately reached for comment.
