BNY Mellon has been named global custodian for Textron Inc.'s employee defined benefit retirement plan, with $4.2 billion in assets.
BNY Mellon Asset Servicing will provide global custody, cash sweep, and foreign exchange direct-dealing services, as well as performance and risk analytics.
"We need a company with the global reach and comprehensive investment services of BNY Mellon to help us manage a retirement plan that supports more than 76,000 employees and retirees worldwide," said Keith Watson, Textron's director of pension investments. "Their outstanding people and technology resources give us the ability to make timely, informed decisions about our portfolio."
"Textron and its businesses are some of the most widely recognised brands in the world, and we'll be delivering world-class services to help them administer their plan," said Laurin Moore, head of BNY Mellon Asset Servicing's US Corporate, Government & Not-for-Profit business. "In fact, a good deal of support will be performed at our expansive facility in Everett, Massachusetts – a former Textron site BNY Mellon acquired in 1998."
Textron Inc. is a multi-industry company that leverages its global network of aircraft, defense, industrial and finance businesses to provide customers with innovative solutions and services. Textron owns brands such as Bell Helicopter, Cessna Aircraft Company, Jacobsen, Kautex, Lycoming, E-Z-GO, Greenlee, and Textron Systems.
