Searches and Hires

Chattanooga Fire & Police seeks custodian after suing Wells Fargo

Chattanooga (Tenn.) Fire & Police Pension Fund is searching for a custodian, according to an RFP posted on the website of Dahab Associates, the $225 million pension fund's investment consultant.

The pension fund issued an RFP four weeks after filing a lawsuit against current custodian and trustee Wells Fargo. The lawsuit, filed on May 9 in the Chancery Court of Hamilton County, alleges that Wells Fargo has not provided any disclosures regarding "significant compensation from third-party mutual funds and potentially other third parties," according to the filing.

At the time, Katrina Abbott, fund administrator, said the pension fund's board had not decided yet whether to put the services up for bid. She also noted the pension fund is transitioning to a board of trustees from a board of directors and trustee services would no longer be required from the custodian.

Whether Wells Fargo is eligible to rebid could not be immediately learned.

The RFP is available on Dahab Associates' website. Proposals are due at 5 p.m. EDT on July 9. A timetable for a decision has yet to be determined.

Ms. Abbott could not be immediately reached to provide further information.