Virginia Department of the Treasury appoints State Street for custody services
08 June 2023 US
Image: SeanPavonePhoto/stock.adobe.com
The Virginia Department of the Treasury has selected State Street Bank and Trust Company to provide its master custodian and transfer agency services.
Through the mandate, State Street will provide the Treasury with traditional custody, portfolio accounting and securities lending services. It will also offer fund accounting and daily valuation services to the Local Government Investment Pool Program, conducting funds shareholder recordkeeping and transfer agent services. Additionally, the firm will handle performance measurement and portfolio compliance services for the Treasury’s externally-managed portfolios.
Mitsubishi UFJ Trust and Banking Corporation has been chosen to provide the department’s securities lending services.
Following offer response dates of 6 December 2021 and 8 December 2021 respectively, the agreements will be active between 1 June 2023 and 31 May 2028. Both will have an optional three-year renewal period following this.
Through the mandate, State Street will provide the Treasury with traditional custody, portfolio accounting and securities lending services. It will also offer fund accounting and daily valuation services to the Local Government Investment Pool Program, conducting funds shareholder recordkeeping and transfer agent services. Additionally, the firm will handle performance measurement and portfolio compliance services for the Treasury’s externally-managed portfolios.
Mitsubishi UFJ Trust and Banking Corporation has been chosen to provide the department’s securities lending services.
Following offer response dates of 6 December 2021 and 8 December 2021 respectively, the agreements will be active between 1 June 2023 and 31 May 2028. Both will have an optional three-year renewal period following this.
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