Malden (Mass.) Retirement System hired People's United Bank as its new custodian.
The $312 million pension fund's board approved the bank as custodian at its July 21 meeting, recently released meeting minutes show.
The pension fund issued an RFP in May. Comerica Bank was the other finalist.
The minutes do not show whether incumbent custodian State Street Corp. was invited to rebid.
As of Feb. 28, the pension fund had an allocation of 63% stocks, 36% bonds and 1% cash, according to an appraisal summary report on the town's website.
James M. Ryan, retirement director, could not be immediately reached for further information.