Lincoln (Neb.) Police & Fire Pension Fund hired U.S. Bank as its first external custodian, said Paul Lutomski, pension officer.
The $206 million pension fund issued an RFP in February after deciding to use an external custodian as part of a modernization effort.
Custody services were previously handled internally by Mr. Lutomski and city Treasurer Melinda Jones.
UMB Financial Corp. was the other finalist.