The $8.5 billion Massachusetts State Teachers' and Employees' Retirement System and the $6.5 billion Massachusetts Pension Reserves Investment Management Board, both in Boston, selected State Street Bank & Trust Co. as their new global custodians pending fee negotiations.
If State Street does not come down in its fees, the funds probably will look to the other finalists, Mellon Trust or Northern Trust, said Collette Chilton, MASTERS chief investment officer.
Both funds' custodial contracts expire July 1; MASTERS' current custodian is Mellon Trust, and PRIM's custodian is State Street
