Global firm State Street has been dropped from a $2bn custody mandate at the US Baltimore County Employees' Retirement System in favour of rivals Mellon Trust Global Securities Services.
As master custodian Mellon will provide custody and securities lending services for the fund.
It is understood that State Street did reapply but was not shortlisted by Baltimore.
By Madhu Kalia
The secretary of state for work and pensions has told MPs clawback and avoidance measures could be imposed for the people responsible for driving Carillion over the cliff.
Occupational pension provision has continued to grow in value, but there remains large variance in incomes across the pensioner age group, according to latest government data.
Defined benefit (DB) schemes could have an aggregate surplus by 2021 under Pension Protection Fund (PPF) projections, its strategic plan for 2018 to 2021 reveals.
Investment consultants are failing to recommend products that outperform net of fees, the Competition and Markets Authority (CMA) has said as its investigation into the market continues.