Iowa state Treasurer Michael L. Fitzgerald selected Bank of New York as the global custodian for the $15 billion Iowa Public Employees Retirement System, the $250 million Iowa Peace Officers Retirement System and the $100 million Iowa Judicial Retirement System. Mr. Fitzgerald, who is custodian of the funds, said the selection is pending contract negotiations, including fees.
Bank of New York would replace Mellon. Following separate custodial bank and securities lending searches, Mr. Fitzgerald chose Bank of New York, which proposed to reduce fees for providing both services, he said. Contracts are rebid every four years, he said.
The searches were handled internally.