Stanislaus County Employees' Retirement Association, Modesto, Calif., hired Northern Trust as global custodian, said Kathy Herman, operations manager.
Northern Trust will also provide securities lending services. It replaces BNY Mellon, which rebid. The $1.7 billion pension fund will realize significant savings from its previous custody contract, according to agenda materials from the Wednesday meeting.
Investment consultant Strategic Investment Solutions assisted. An RFP was issued in August.