Wake Forest calls on Northern Trust to be global custodian

Wake Forest University, Winston-Salem, N.C., hired Northern Trust as global custodian for its $1.1 billion endowment, confirmed Rita Needham, investment communications and reporting specialist for the university.

The previous custodian was State Street Bank and Trust. Ms. Needham said in a telephone interview the university made a change after searching for “which custodian had the best deal.” There was no RFP issued.

Northern Trust's contract begins July 1.