US – Florida’s State Board of Administration has awarded a $113bn (€91.7bn) master custody mandate to Mellon Global Securities Services.
Mellon will provide global custody and securities lending to the SBA, the fourth largest public retirement system in the US. Its Russell/Mellon affiliate will supply performance measurement and analytics.
The SBA oversees several state funds, including the Florida Retirement System Trust Fund.
"We are proud to be building on a relationship that began two years ago when SBA selected Eagle Investment Systems, a Mellon subsidiary, for its suite of investment management software solutions," said Mellon GSS president Jim Palermo.
"We work constantly to refine the asset servicing products and platforms that clients like SBA rely on to make informed decisions on behalf of plan participants and to safeguard their financial future."
Pittsburgh-based Mellon has around $4.2trn in assets under management, administration or custody.