The Pension Protection Fund, London, hired Northern Trust as custodian for its £20 billion ($31.6 billion) of assets, said a spokeswoman for the pension fund.
The PPF is the lifeboat fund for defined benefit funds of insolvent companies.
Northern Trust will provide global custody, securities lending, collateral management and performance measurement services for the protection fund. The PPF covers more than 6,000 funds and more than 200,000 participants.
The current custodian is State Street, which will continue in its role until Dec. 31, said the spokeswoman.
The PPF launched a search last year. At the time, a spokesman for the PPF said State Street was allowed to rebid.