BNY Mellon wins international custody mandate for OPERS
20 March 2019 Columbus
Image: Shutterstock
Ohio Public Employees Retirement System (OPERS) has appointed BNY Mellon as its international custodian.
Previously, J.P. Morgan served as OPERS international custodian. However, OPERS revealed that Fifth Third will remain as its domestic custodian.
The decision for BNY Mellon to become the international custodian for OPERS was made by the Ohio treasurer, Robert Sprague.
According to Karen Carraher, executive director of OPERS, the BNY Mellon bid is expected to reduce overall fees from its current level.
Carraher said: “We are working through the timing of the transition with the treasurer, J.P. Morgan and BNY Mellon.”
Previously, J.P. Morgan served as OPERS international custodian. However, OPERS revealed that Fifth Third will remain as its domestic custodian.
The decision for BNY Mellon to become the international custodian for OPERS was made by the Ohio treasurer, Robert Sprague.
According to Karen Carraher, executive director of OPERS, the BNY Mellon bid is expected to reduce overall fees from its current level.
Carraher said: “We are working through the timing of the transition with the treasurer, J.P. Morgan and BNY Mellon.”
NO FEE, NO RISK
100% ON RETURNS If you invest in only one asset servicing news source this year, make sure it is your free subscription to Asset Servicing Times
100% ON RETURNS If you invest in only one asset servicing news source this year, make sure it is your free subscription to Asset Servicing Times
