Illinois Firefighters' Pension Investment Fund, Lombard, hired Northern Trust as its first custodian, said William R. Atwood, executive director.
The pension fund's board issued an RFP in January. Bank of New York Mellon was the other finalist.
FPIF was created by a law signed in December 2019 by Illinois Gov. J.B. Pritzker consolidating about 296 downstate and suburban firefighter pension funds. The law calls for the transfer of investment authority for the municipal pension funds to the Firefighters' Pension Investment Fund no later than June 30, 2022.
According to a fact sheet from the Illinois Municipal League, the firefighters pension fund will manage an estimated $6.3 billion in assets. FPIF's board hired Marquette Associates as its first investment consultant in December.