Tallahassee, Fla., hired Northern Trust as custodian for its $2.1 billion in assets, which includes the $1.4 billion Tallahassee Pension Plan, said Kent Olson, the city's deputy treasurer-clerk.
The city issued an RFP in April because “we hadn't bid out the services for a long time,” Mr. Olson said. Current custodian State Street Corp. rebid for the services; Bank of New York Mellon was the other finalist.
The transition to Northern Trust will take place Oct. 1, Mr. Olson added.