NEW: State Investment Commission Chooses New Custodian Bank
Thursday, July 26, 2012
The State Investment Commission today voted unanimously to select BNY Mellon to provide master custody banking services for the state's assets of approximately $8 billion. The initial contract will save the state over $300,000 annually.
"By selecting BNY Mellon, the state will receive excellent custody services, while saving money," said General Treasurer Gina M. Raimondo, chair of the State Investment Commission. "In these challenging times, it is my priority to continually assess the state's financial service contracts and vendors to make sure taxpayers are receiving the best service possible."
Treasury issued a request for proposals in March for custodial bank services to manage the pension assets and cash. The services BNY Mellon will provide include the:
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- Collection of all interest payments
- Processing of all principal pay downs associated ABS, CMOs, and MBS
- Settlement of all debenture payoffs
- Receipt and disbursement of all repurchase agreement collateral
- Performance reporting and portfolio analytics
- Proxy voting services
- Class action notifications and processing
State Street previously held the custodial banking services for the State of Rhode Island.
