Updated with correction.
Lakeland (Fla.) Employees' Pension and Retirement System hired Wells Fargo as custodian, said Cherie Watson-Matthews, pension benefits specialist, in an e-mail.
The $513 million pension fund issued an RFP earlier this year because it had been some time since the services had been put up for bid, Ms. Watson-Matthews said. Incumbent custodian Salem Trust rebid for the services.
Other finalists were Comerica Bank, Fifth Third Bank and First State Trust Co.
Separately, the retirement system added a domestic large-cap growth fund managed by Fred Alger Management as an investment option in its $64 million 457 plan, $7 million 401(a) plan and $2 million FICA/alternative plan, Ms. Watson-Matthews said.
The fund replaces a domestic large-cap growth fund managed by Nuveen Investments, which was removed for performance reasons. Nuveen spokeswoman Kathleen Cardoza said the firm does not comment on client moves.
