BNY Mellon Onboards Assets of Kentucky Retirement Systems as Custodian

BNY Mellon has onboarded the assets of Kentucky Retirement Systems (KRS), replacing Northern Trust as global custodian.

KRS’ assets include those from the public employee pension plan and from their health insurance fund, totaling over $14.5 billion in value for over 337,000 members. In addition to providing global custody, BNY Mellon will offer the services of cash management, foreign exchange, private equity administration, and a range of global risk solutions services. Securities lending is not part of the mandate.

“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.”

In addition to winning the mandate in Kentucky, BNY Mellon was recently recommended to retain its custodial roles in Massachusetts and Florida.