Mellon Global Securities Services (GSS) has been named custodian of the $19.5 billion Texas Permanent School Fund.
Mellon will provide custody, cash management, and securities lending services and its affiliate Russell/Mellon will supply performance measurement and analytics for the Fund, the company said.
Pioneer citizens of Texas established the Texas Permanent School Fund as a perpetual endowment in 1854. The beneficiaries of the Fund are the school children of Texas. During its fiscal year ending August 31, 2003, the Fund provided $897 million toward the cost of public education in the state.
“We selected Mellon because of the strength of their technology platform and analytics,” said Holland Timmins, Executive Administrator and Chief Investment Officer of the Texas Permanent School Fund.
For his part, Jim Palermo, Mellon Vice Chairman and President of Mellon GSS, said, “The Texas PSF is used to help finance the best possible education for millions of children every day. Our role is in providing the necessary tools, technologies, and people that will mean the best possible service for the Fund to carry out that mission.”