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BNY Mellon wins US custody mandate
08 October 2013
Bank to provide services for Kentucky Retirement Systems
Kentucky Retirement Systems
The $14.5bn Kentucky Retirement Systems has hired BNY Mellon as its global custodian.
BNY Mellon will provide services including cash management, forex, private equity administration and global risk management services to Kentucky's public employee pension and insurance funds.
George Gilmer, CEO for Americas asset servicing at BNY Mellon, said: "In an increasingly complex and regulated market, public employee systems like Kentucky look to us for a combination of expertise, responsiveness, and technology support that lets them devote more resources to plan management."
Kentucky's three public pension plans – the Kentucky Employees Retirement System of the Commonwealth, County Employees Retirement System and State Police Retirement System - provide benefits to more than 330,000 members across the state, with combined assets under management of more than $14.5bn.
T.J. Carlson, chief investment officer of Kentucky Retirement System, said: "One of the main drivers behind our selection of BNY Mellon was the edge we saw in its technology platform. They've also demonstrated to us they have a team that's both client-focused and solutions oriented."