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
Businesses are experiencing auto-enrolment data error rates of up to 50%, posing questions over the reliability of pension records, Pensionsync says.
A nationwide survey of committee and local pension board members of the Local Government Pension Scheme has revealed high levels of confidence in all areas of their responsibility.
UK inflation unexpectedly rose to 2.7% in August, beating analysts' expectations of a drop to 2.4% from 2.5% the previous month.