Cincinnati Southern Railway's board of trustees hired UBS as investment consultant for the $1.6 billion CSR Trust, said Paul Muething, president of the board.
The board had issued an RFP in August for a consultant to advise the board on the investment management of a trust that would be created from the proceeds of the pending $1.6 billion sale of the railway to Norfolk Southern Railway.
The city of Cincinnati was the owner of the segment of railway from Cincinnati to Chattanooga, Tenn., which Norfolk Southern leased. City voters in November approved the sale, which is due to close no later than March 15. The trust that will be established upon the receipt of proceeds from the sale must be used for the improvement of city infrastructure, according to Ohio state statute.
The other finalists were Fifth Third Bank, Fund Evaluation Group, Northern Trust and NEPC.
