The firm will provide securities lending for the $15.1 billion in defined benefit assets of the total $19 billion in assets the board oversees.
There were no other finalists, Mr. Atwood said. Previous securities lending provider Credit Suisse plans to leave the securities lending business June 30.
The hiring of Deutsche Bank will not change how ISBI operates its securities lending program, Mr. Atwood said.
An RFP was issued Feb. 9. Marquette Associates, ISBI’s investment consultant, assisted.