Mellon Global Securities Services (GSS) announced today that it had secured the custody mandate for the Arizona State Retirement System (ASRS). Mellon will provide custody, securities lending, benefit disbursement, and depository services, while Russell/Mellon Analytical Services will supply performance measurement and analytics, to the $18 billion fund.
The Arizona State Retirement System covers more than 300,000 active, inactive and retired members. More than 600 public employers participate in the plan, which includes numerous state agencies, colleges, universities, public school districts, charter schools, counties, cities, towns and other public entities.
“The State of Arizona has been a highly valued Mellon client for 18 years,” said Jim Palermo, Mellon GSS president. “We’re proud to play a part helping ASRS serve their many members and look forward to delivering new solutions that will bring even greater efficiencies to the system.”
In addition to safekeeping plan assets, distributing monthly retirement benefits and other support, Mellon will also provide depository services for ASRS. Using Mellon Global Cash Management’s TradeLinks platform, the new service will enable employers to use the Internet to submit payroll information and also perform electronic payment and maintenance services such as enrollment and address changes. Mellon Global Cash Management, a payments industry leader, designs innovative solutions through its broad line of cash management services to meet the specialized treasury needs of corporations, e-commerce enterprises, nonprofit organizations and financial institutions.