Searches and Hires

Contra Costa County signs Northern Trust as custodian

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 (BK) Corp. (BK) and incumbent custodian State Street Corp. (STT) 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."