Rhode Island goes with BNY Mellon as master custodian

Rhode Island State Investment Commission hired Bank of New York Mellon (BK) as master custodian for the state's $8 billion in assets, confirmed Joy Fox, spokeswoman for state Treasurer Gina Raimondo.

Incumbent State Street was the other finalist.

The contract with BNY Mellon will save the state more than $300,000 annually, according to a news release on the treasurer's website.

The commission manages investments for the $7.2 billion Rhode Island Employees' Retirement System, Providence, as well as for the state's general fund.

An RFP was issued in March. Pension Consulting Alliance assisted.

— Contact Kevin Olsen at kolsen@pionline.com | @Olsen_PI