Fairbanks, Alaska, hired U.S. Bank as custodian for its $135 million permanent fund, said Christina Rowlett, the city's risk manager/purchasing analyst, in an email.
The city issued an RFP in August because the contract of current custodian KeyTrust will expire Dec. 31, Ms. Rowlett said at the time. The firm was one of two other bidders, she said. There were no finalist presentations.
The fund was created in 1996 from the net proceeds of the sale of the Fairbanks Municipal Utility System and the continuing sales of other city real estate to provide funding for capital and operating assets as well as the preservation of assets for future city generations.
