Funston Advisory Services, Bloomfield Hills, Michigan

Bloomfield Hills, Michigan

Bloomfield Hills, Michigan

Funston Advisory Services LLC (FAS) is recognized as one of the nation's preeminent advisors to public retirement systems in the areas of governance, operations and risk intelligence. We are distinguished by the caliber and experience of our team and the quality and pragmatism of our advice. Our approach is based on leading practices, tempered with decades of practical experience based upon what actually works in specific circumstances.

Increasingly, we are the team that public retirement systems are turning to for help in governance and operational matters. We bring our clients a track record of success and an outstanding team dedicated to each client project and its success.

Over the past five years, FAS has assisted a growing number of state public retirement systems and sovereign wealth funds in evaluating their fiduciary performance and identifying governance, regulatory, policy, and operational process improvement priorities.

Why choose FAS for your next project?


  1. Our Team and Our Practical Experience

    Funston Advisory Services LLC (FAS) was formed in 2010. The principals have been providing governance, strategy and risk advisory services since at least 1980. Since 2011, our team of public retirement system experts has worked together on a series of high-profile public pension fund governance assignments. Each team member is a highly-experienced professional, with decades of consulting, legal and/or pension industry experience.

    Every team is configured to meet your specific needs. See Our Team for more information.

  2. Our Leading Practices Knowledgebase

    Our extensive knowledgebase garnered from over 50 public retirement systems contains data on governance, operational, risk and compliance structures, policies, practices and many more.

    We can readily assess how your system compares to its peers regarding leading, prevailing and lagging practices. We strongly believe that what will work best for your system needs to be part of a dialogue with the Board and the Executive over the course of a project that results in a deep understanding of the specific circumstances, needs and constraints under which your system must operate.

  3. "One Size Fits One"

    We understand the general needs of trustees, the challenges they face, and the context in which they operate. Our collaborative approach enables us to quickly gain a deep understanding of the specific needs of your system. The ability to customize our approach and to develop consensus is a hallmark of our firm and we encourage you to speak to our clients about the effectiveness of our approach in pragmatically customizing our recommendations to their specific needs.

FAS Report on the New York State Common...

(07/15/2016) On July 14, 2016, New York State Comptroller Thomas DiNapoli released the "Fiduciary and Conflict of Interest Review of the New York State Common Retirement Fund" report prepared by Funston Advisory Services. The New York State Common Retirement Fund is the third largest public pension fund in the United States with estimated assets of $178.1 billion as of March 31, 2016. The Fund holds and invests the assets of the New York State and Local Retirement System on behalf of more than one million state and local government employees and retirees and their beneficiaries. The press release can be viewed at http://www.osc.state.ny.us/press/releases/july16/071416b.htm.The full FAS report is available on the Comptroller's website at http://www.osc.state.ny.us/reports/pension/NYSCRF_Fiduciary_and_Conflict_of_Interest_Review_2016.pdf Media reporting which referenced our report included:ABC News: "Outside Review Says NY Pension Fund Responsible, Needs Staff"http://abcnews.go.com/US/wireStory/review-ny-pension-fund-responsible-staff-40584216Pensions & Investments: "Review of New York pension fund holds words of caution" http://www.pionline.com/article/20160714/ONLINE/160719928/review-of-new-york-pension-fund-holds-words-of-cautionTime Warner Cable News: "DiNapoli Touts Independent Pension Review" http://www.nystateofpolitics.com/2016/07/dinapoli-touts-independent-pension-review/Global Investor: "Unbundling custody, FX and sec lending on the rise at US funds" http://www.globalinvestormagazine.com/Article/3571711/Unbundling-custody-FX-and-sec-lending-on-the-rise-at-US-funds.html Securities Lending Times: "Securities lending deserves own contract, says Funston" http://www.securitieslendingtimes.com/securitieslendingnews/article.php?article_id=220719#.V5I3k7grI2y

The Risk-Intelligent Public Pension Trustee...

(05/24/2016) May 24, 2016 April 2016 Government Finance Review is the Government Finance Officers Association’s (GFOA) bimonthly membership magazine. It publishes articles in the forefront of the public finance profession. The April 2016 edition features an article written by Rick Funston and Randy Miller which addresses evolving public pension governance challenges and suggests potential approaches for improving governance policies, structures and decision-making processes. Click here to read the article.

NYC Pensions Begin ‘Critical’ Reforms

(03/17/2016) March 16, 2016 This ai-CIO.com article describes the focus put on talent development and recruitment after a 398-page review of the bureau’s operations highlighted understaffing as an area in need of “critical” attention. According to the article, “Given that the 240 recommendations made by Funston encompass more work than can likely be completed before Comptroller Scott Stringer’s term ends December 2017, Evans said the goal is to tackle the most severe issues now while creating a foundation for lasting change.”Click here to read the article.
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