New Haven (Conn.) Employees Retirement Fund hired Bankers Trust as global custodian for the $111 million fund, replacing Fleet Bank.
The fund decided to change custodians because of plans to invest in international equity, said Gwendolyn Bell, pension administrator. Bankers Trust also is the custodian for its sister fund, the New Haven Police and Fire.
Other finalists were Bank of New York, State Street Bank, First Union and Fleet.
Watson Wyatt Worldwide assisted.