BNY Mellon wins $1 billion Baton Rouge custody mandate 12 June 2012New York Reporter: Mark Dugdale
Image: Shutterstock
BNY Mellon’s asset servicing arm has been named custodian for the Employees' Retirement System of the City of Baton Rouge and Parish of East Baton Rouge, Louisiana, which is worth approximately $1 billion.
BNY Mellon will provide custody and administration, accounting, and cash management services for the employees’ defined benefit pension plan.
Created it 1953, the plan covers 3,500 active and 3,400 retired members. It provides lifetime pension benefits to both non-public safety and public safety employees of the combined city-parish government.
Jeff Yates, retirement administrator for the City of Baton Rouge, said: “BNY Mellon's level of quality and attention to client service was apparent throughout the custodian bidding process. We're confident in their ability to help us effectively manage and administer system assets for the benefit of our many active employees and retirees.”
Samir Pandiri, executive vice president and head of asset servicing-Americas at BNY Mellon, added: “In today's more complex and regulated environment, municipal employee systems like Baton Rouge rely on us for a wide array of securities services as well as the technology infrastructure that allow them to focus on investment management.”
NO FEE, NO RISK 100% ON RETURNSIf you invest in only one asset servicing news source this
year, make sure it is your free subscription to Asset Servicing Times
Image: Shutterstock 