The Washington State Treasurers Office has chosen BNY Mellon as the next statewide securities custody provider. This appointment is effective April 1, 2012, through March 31, 2016, with an optional three-year extension. Union Bank was the previous custodian.
“Utilization of a third-party custody provider is an critical component of any successful investment program,” said State Treasurer James McIntire. “Unfortunately, many of our local governments do not have the time or resources to conduct their own comprehensive search to find a provider. The statewide Custody Program allows all local governments to benefit from the expertise of the Office of the State Treasurer and an evaluation team of likely clients.”
Participation in this program is optional. The Office of the State Treasurer (OST) is authorized to negotiate statewide custodial contracts on behalf of local governments and institutions of higher education.
BNY Mellon was appointed following an RFP process where respondents were evaluated and sites of potential vendors were visited.
(JDC)