Palm Beach (Fla.) Retirement System hired Salem Trust as custodian, said Duke Basha, the town's assistant purchasing manager, in an email.
The $220 million pension fund issued an RFP in January because incumbent custodian State Street Corp.'s contract has been in place for a long time, Mr. Basha said at the time. The firm was invited to rebid, but did not do so. PNC Bank also submitted a proposal. There were no finalist presentations.
Salem Trust will also serve the town's $32 million other post-employment benefits trust.
As of Sept. 30, the pension fund's actual allocation was 36.2% domestic equities, 17.6% international equities, 13% real estate, 11.5% fixed income, 7.7% global tactical asset allocation/hedge fund, 7.4% private equity, 5.5% emerging markets equities and 1.1% liquid capital.