Philadelphia Gas Works Retirement Reserve rehired Wells Fargo Bank as master custodian, confirmed Charles C. Jones, executive director of the Philadelphia Sinking Fund Commission, the trustee for the $500 million defined benefit pension fund.
The new contract is for one year, with three possible one-year extensions.
An RFP was issued in March and then reissued in October. Wells Fargo was the incumbent and rebid. It was the only firm to bid.