BNY Mellon picks up lucrative Hawaii mandate 10 October 2013Hawaii Reporter: Georgina Lavers
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BNY Mellon has been named global custodian by the Employees’ Retirement System of the State of Hawaii (HIERS), encompassing more than $12.3 billion in pension fund assets.
BNY Mellon will provide global custody, securities lending, foreign exchange, cash management, and a wide range of global risk solutions services to HIERS.
HIERS provides retirement, disability, survivor, and other benefits to more than 112,000 members. Its membership is comprised of retirees, beneficiaries, inactive vested members, and active public employees working for the State of Hawaii and its counties.
“BNY Mellon is a market leader whose team can help us implement best practices that enable us to be more efficient,” said Wesley Machida, HIERS executive director.
“This appointment extends our existing relationship with BNY Mellon’s investment management and corporate trust businesses. As global custodian, we’ll get a partner with a robust set of products we can leverage both now, such as securities lending, and in the future.”
“Our relationship with HIERS is a stellar example of how BNY Mellon can deliver a total package of investment services from across the company to large plan sponsors,” said Samir Pandiri, executive vice president and CEO of Asset Servicing at BNY Mellon. “We’ll continue to work closely with HEIRS to support their needs in managing and administering their pension fund assets.”
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