The Virginia Retirement System (VRS) renewed its existing custody mandate with BNY Mellon for an additional five years, with the option to extend for five more years after that. BNY Mellon provides VRS with custody, performance and risk, securities lending and foreign exchange services.
“BNY Mellon has been a partner with us for many years, and we look forward to working with them to continue to provide a variety of custody banking services on terms favorable to our members,” says Bob Schultze, director of VRS.
VRS has more than $51 billion in assets held in trust for benefits, according to its 2011 year-end report.
“We are very pleased to continue our long-standing relationship with the Virginia Retirement System,” says Vince Sands, executive vice president and deputy CEO of BNY Mellon Asset Servicing. “We remain committed to providing the Virginia Retirement System with best-in-class custody banking services that are important tools for their investment professionals as they seek to create value for their members.”
(CG)