Kentucky Retirement Systems has named BNY Mellon as its global custodian.
The bank will provide global custody, cash management, foreign exchange, private equity administration, and a range of global risk solutions services to Kentucky Retirement Systems, whose public pension and insurance plans comprise more than $14.5 billion in AUA.
Kentucky Retirement Systems is responsible for the investment of funds and administration of pension and health insurance benefits for more than 337,000 members.
It serves active, inactive and retired employees across three state plans—the Kentucky Employees Retirement System of the Commonwealth, County Employees Retirement System for city and county government agencies, and the State Police Retirement System for uniformed state troopers.
"One of the main drivers behind our selection of BNY Mellon was the edge we saw in its technology platform," said TJ Carlson, chief investment officer at Kentucky Retirement Systems. "They've also demonstrated to us they have a team that's both client-focused and solutions oriented."
"We look forward to developing our relationship with Kentucky Retirement Systems and providing the improved efficiencies public pensions are seeking," said George Gilmer, CEO for asset servicing in the Americas at BNY Mellon.
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