Scottish Borders Council, Melrose, Scotland, hired Northern Trust to provide global custody and other services for its £550 million ($676 million) in pension fund assets, said a spokeswoman.
The firm will also provide accounting, performance measurement, cash management and foreign-exchange services.
The spokeswoman said in an email that Northern Trust replaced J.P. Morgan Chase. The council launched a procurement process in June.
“Northern Trust demonstrated its ability to provide solutions tailored to our specific needs, for example, meeting our future accounting requirements,” said Councillor Bill White, chairman of the pension fund committee. “Combined with their leading expertise and experience across the (local government pension schemes), this was a key factor in their appointment.”