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.
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:
- Settlement of all purchases and sales through the Federal Reserve System (FED), the Depository Trust Company, or any other settlement facility
- 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.
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