Illinois State Board chooses Northern Trust for master trust, custody services

Illinois State Board of Investment, Chicago, hired Northern Trust for master trust and custodian services for both its $14.1 billion defined benefit plan and the $4 billion Illinois State Employees' 457 Deferred Compensation Plan, said William R. Atwood, executive director, in an e-mail.

State Street Corp. (STT), the incumbent defined benefit custodian, was allowed to rebid. Northern Trust was the incumbent custodian for the $728.5 million in separate account assets of the 457 plan that use the services.

ISBI issued RFPs for the services in June.

Meketa Investment Group, ISBI's investment consultant, assisted in the searches.