Milwaukee Pension Fund Reappoints Northern Trust

The City of Milwaukee’s Employes’ Retirement System (CMERS) has reappointed Northern Trust to a five-year contract as the fund’s global custodian.

Northern trust will continue to provide the same custody, securities lending and compliance services for the $4.9 billion fund. CMERS did not consider any other custodians while renewing their contract with Northern Trust.

“We’re satisfied with Northern Trust. We had good faith negotiations with them. They’ve done well, and there’s always a little risk to change custodians,” explains David Silber, chief investment officer of CMERS.