Public pension and insurance plans comprise more than $14.5 billion in assets under administration
BNY Mellon, the global leader in investment management and investment services, announced that it has been named global custodian by Kentucky Retirement Systems (KRS), encompassing the state's greater than $14.5 billion in public employee pension and insurance fund assets. BNY Mellon will provide global custody, cash management, foreign exchange, private equity administration, and a range of global risk solutions services to KRS.
Kentucky Retirement Systems is responsible for the investment of funds and administration of pension and health insurance benefits for more than 337,000 members. KRS 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 T.J. Carlson, chief investment officer of 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, chief executive officer for Asset Servicing – Americas at BNY Mellon. "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."
BNY Mellon's Asset Servicing business supports institutional investors in today's fast-evolving markets, safeguarding assets and enhancing the management and administration of client investments through services that process, monitor and measure data from around the world. We leverage our global footprint and local expertise to deliver insight and solutions across every stage of the investment lifecycle.