The Bank of New York says Clark County, Nevadahas appointed the bank to provide it with securities lending services. This appointment expands a $2 billion custody relationship that Clark County has already with Bank of New York subsidiary, BNY Western Trust Company.
“We chose The Bank of New York as our securities lending provider because of its competitive bid and its fully integrated Internet based information delivery and transaction program, INFORM,” says Rick Phillips, chief investment officer in Clark County’s Treasurer’s Office.
Keith N. Kuhn, Head of BNY Western Trust Company, adds that “the Bank of New York’s advanced technology platform enables us to provide the customized services that Clark County requires. In addition, the County will benefit from the Bank’s securities lending expertise, which will help it improve its revenue stream.”