BNY Mellon has been re-contracted by the Employees’ Retirement System of the State of Hawaii (Hawaii ERS) to provide global custody and associated services, extending a five-year relationship.
Hawaii ERS is responsible for the safekeeping and investment of over $16 billion for employees working for the State and counties of Hawaii.
The services provided by BNY Mellon include global custody, accounting, securities lending, foreign exchange, cash management and a range of global risk solutions.
BNY Mellon was reappointed following, what it described as a, competitive tendering process and a five-year mandated review.
“We are striving to raise our administrative practices and investment activities to the next level,” Thomas Williams, Executive Director of Hawaii ERS.
“Our in-depth review process confirmed for us that BNY Mellon is the partner best suited to support our longer-term vision and in more than a couple of areas, to enhance it.”
The news comes just days after BNY Mellon completed the onboarding of fixed income assets from the National Pension Service of Korea (NPS), the world’s third largest pension fund. The mandate includes $25 billion of NPS’s assets invested in overseas fixed income markets, Global Custodian understands.