Louisiana State Employees' Retirement System, Baton Rouge, hired Mellon Financial as master custodian and securities lending agent, confirmed Robert W. Beale, CIO of the $7 billion system. In addition, the Russell/Mellon joint venture will provide performance measurement and analytics. Mellon replaces State Street Corp.
"We have been looking at the situation over the last year due to technology and we wanted to see what was out there," Mr. Beale said. He cited Mellon's technology as a key factor in switching providers.