The Bank of New York has been selected by the City of Detroit Policemen and Firemen Retirement System to provide custody and securities lending services for its $3.5 billion in assets.
“The Bank’s Internet based information delivery platform, INFORM, will be able to meet our complex custody and securities lending requirements, and we look forward to working with the Bank’s well regarded team of dedicated public fund specialists,” explains Walter Stampor, executive director of the City of Detroit Policemen and Firemen Retirement System.
Andrew Smith, senior vice president at The Bank of New York, added that the appointment reflected BNY’s commitment to servicing public fund plans. “We provide responsive service and flexible reporting options to our public fund clients, and the City of Detroit Policemen and Firemen Retirement System will benefit from our complete suite of integrated investor service products,” he says.
The Bank of New York’s services to US pension plan sponsors include currency overlay, investment and cash management, investment risk management, performance measurement analytics, master trust, custody, retirement plan services, securities lending, and trade execution services.