Contra Costa County Employees' Retirement Association, Concord, Calif., hired Northern Trust Corp. as custodian, CEO Gail Strohl said in an email.
The $8.6 billion pension fund issued an RFP in April to make sure its services were the most effective and cost-efficient, Ms. Strohl said at the time.
Bank of New York Mellon Corp. and incumbent custodian State Street Corp. also bid for the services.
In a memo to the pension fund's board recommending the hiring, Ms. Strohl said, "Based on the written RFP and follow-up questions, due diligence meetings, system evaluations, minimum transition disruption, reference checks and fee proposal, Northern Trust has emerged as the top candidate to meet CCCERA's current custodian needs."
