EMC Insurance Cos., Des Moines, Iowa, hired State Street Corp. as master custodian for EMC's $4 billion in insurance assets, confirmed Brad Fredericks, portfolio manager at EMC Insurance.
BNY Mellon Asset Servicing was the previous custodian; its contract expired earlier this year.
BNY Mellon “was looking for a price increase, and we wanted to look for a custodian that would provide the services at a lower cost,” Mr. Fredericks said.
