Chicago Policemen’s fund keeps custodian, hires new securities lending manager

Chicago Policemen's Annuity & Benefit Fund rehired Northern Trust as global custodian and benefit payment processor.

Also, Deutsche Bank was hired to replace Northern Trust as the $3 billion fund's third-party securities lending agent.

Samuel Kunz, chief investment officer, said in an e-mail the length of each vendor's contract remains to be determined.

A modular RFP for global custodial services, which allowed vendors to bid on individual services like securities lending rather than on the whole contract, was issued Oct. 1, 2012.