BNY Mellon has been named as custodian for Howard University's $1.1 billion endowment and pension plan. The bank will provide custody, accounting, benefit disbursements, and global risk solutions. BNY Mellon will also serve as trustee for Howard University's pension plan.
"We needed a business partner with a strong track-record of working with endowments and academic administration," said Robert Tarola, senior vice president for administration, chief financial officer and treasurer at Howard University. "Both from a human and technology resource perspective, BNY Mellon can assist us in administering these plans for the benefit of Howard, its faculty and its staff."
"We're proud to win the trust and confidence of such a prominent American institution as Howard University," said Samir Pandiri, global head of asset servicing at BNY Mellon. "With this appointment, we'll bring a range of investment services and expertise in support of the university's team, its mission, employees and retirees."
BNY Mellon is the custodian for 46 percent of the top 50 largest academic endowments in the US, comprising more than $113 billion in plan assets.
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