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
This week's top stories included Cardano announcing plans to acquire Now Pensions from a Dutch pension fund later this year.
Royal Bank of Scotland (RBS) faces a £102m impact on liabilities as a result of equalising guaranteed minimum pensions (GMPs), according to its annual results.
Malcolm Mclean says getting the channels of communication right and engaging more openly is a good starting point