BNY Mellon becomes global custodian for Connecticut
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BNY Mellon becomes global custodian for Connecticut 30 May 2014Hartford Reporter: Mark Dugdale
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The Connecticut State Treasurer's Office has confirmed BNY Mellon as the global custodian for the state’s $28.5 billion public pension plans and trusts.
The bank’s asset servicing arm will provide global custody, accounting and performance reporting services to six pension funds and nine trust funds, covering 194,000 teachers, state and municipal employees who are pension plan participants and beneficiaries, as well as academic programmes, grants and initiatives throughout the state.
The three largest funds are the State Employees' Retirement Fund, Teachers' Retirement Fund, and the Municipal Employees' Retirement Fund.
"We look forward to developing our relationship with the State of Connecticut and providing the improved efficiencies public pensions are seeking," said George Gilmer, CEO of US asset servicing at BNY Mellon.
“In an increasingly complex and regulated market, public employee systems like Connecticut look to us for a combination of expertise, responsiveness, and technology support that lets them devote more resources to plan management."
Connecticut treasurer Denise Nappier named BNY Mellon as her preferred vendor to provide master custodian services, while Deutsche Bank was given the nod to provide securities lending.
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