University of Maryland System Foundation, Adelphi, hired Northern Trust as custodian, said Jess Gill, university spokeswoman.
The $1.2 billion foundation issued an RFP because it re-evaluates all its “strategic partnerships” every five years, Ms. Gill said in an e-mail.
State Street Corp. is the current custodian. Ms. Gill said of the change: “We feel that the quality of product offerings, service expertise and collaborative culture Northern Trust will bring to the new relationship will help enhance our ability to maximize (cost) and operational efficiencies.” She did not provide any further information.
The transition to Northern Trust will take place July 1.