BNY Mellon selected by Washington State Treasurer 24 February 2012Washington Reporter: Anna Reitman
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The Washington State Treasurer’s Office has selected BNY Mellon as the next statewide securities custody provider.
"Utilisation of a third party custody provider is a critical component of any successful investment programme," said State Treasurer James McIntire. "Unfortunately, many of our local governments do not have the time or resources to conduct their own comprehensive search to find a provider. The statewide Custody Programme allows all local governments to benefit from the expertise of the Office of the State Treasurer and an evaluation team of likely clients."
The state's custody programme allows local governments to get the best rate and terms from a single financial institution for custody banking services. It offers significant time savings for local entities because they don’t have to prepare and evaluate requests for proposals (RFPs) or negotiate contracts.
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