Chattanooga (Tenn.) Fire & Police Pension Fund hired U.S. Bank as custodian, recently released board meeting minutes said.
The $225 million pension fund issued an RFP in June shortly after filing a lawsuit against incumbent custodian Wells Fargo. The lawsuit, filed on May 9 in the Chancery Court of Hamilton County, alleges Wells Fargo has not provided any disclosures regarding "significant compensation from third-party mutual funds and potentially other third parties," according to the filing.
Comerica was the other finalist.
Katrina Abbott, fund administrator, could not be immediately reached to provide further information.
Investment consultant Dahab Associates assisted.