Rhode Island State Investment Commission hired Bank of New York Mellon 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.