Connecticut's public pension and trust assets comprise more than $28 billion
BNY Mellon, a global leader in investment management and investment services, announced that it has been named global custodian by the Connecticut State Treasurer's Office for the $28.5 billion Connecticut public pension plans and trusts. BNY Mellon will provide global custody, accounting, and performance reporting services.
Connecticut's retirement plans and trust funds comprise six pension funds and nine trust funds covering roughly 194,000 teachers, state and municipal employees who are pension plan participants and beneficiaries, as well as academic programs, grants and initiatives throughout the state. The three largest funds are the State Employees' Retirement Fund, the Teachers' Retirement Fund, and the Municipal Employees' Retirement Fund.
"We look forward to developing our relationship with the State of Connecticut and providing the improved efficiencies public pensions are seeking," said George Gilmer, CEO of U.S. Asset Servicing at BNY Mellon. "In an increasingly complex and regulated market, public employee systems like Connecticut 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.
BNY Mellon is a global investments company dedicated to helping its clients manage and service their financial assets throughout the investment lifecycle. Whether providing financial services for institutions, corporations or individual investors, BNY Mellon delivers informed investment management and investment services in 35 countries and more than 100 markets. As of March 31, 2014, BNY Mellon had $27.9 trillion in assets under custody and/or administration, and $1.6 trillion in assets under management. BNY Mellon can act as a single point of contact for clients looking to create, trade, hold, manage, service, distribute or restructure investments. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK).