Shrewsbury (Mass.) Contributory Retirement System hired People’s United Bank as custodian, Gregory Gatsogiannis, executive director, said in an email.
The $125 million pension fund issued an RFP in February for a bank to hold approximately $22 million in assets in custody. There was no incumbent.
The RFP had been issued because the pension fund is withdrawing some of its assets from the $74.8 billion Massachusetts Pension Reserves Investment Trust, Boston, so a custodian was needed for the new investments.
Investment consultant Dahab Associates assisted.