Texas Permanent School Fund, Austin, hired State Street Bank as...

Texas Permanent School Fund, Austin, hired State Street Bank as custodian, replacing Citibank. Citibank will continue to handle the $17.9 billion fund’s securities lending program. Citibank, Mellon and Northern Trust were finalists in the search, said Robert Offutt, trustee and chairman of the finance committee. He added that Northern was recommended by fund staff, but questions into whether the Chicago-based firm would need to pay state corporate income taxes may have influenced the trustees’ final decision.