Massachusetts Pension Reserves Investment Management Board, Boston, will vote next month on a recommendation to rehire BNY Mellon Asset Servicing as its master custodian.
BNY Mellon's rehiring was approved Thursday by the administration and audit committee of the board, which oversees $54.4 billion in assets, said Eric Convey, PRIM spokesman.
If approved by the board, the contract would be for five years, effective July 1, 2014, with the option by the board for two, one-year extensions, Mr. Convey said.
Northern Trust and State Street Bank & Trust were the other finalists. BNY Mellon was recommended because PRIM staff felt the firm offered the best overall service, although its annual fee of $2.7 million was about $200,000 higher than the other two firms, Mr. Convey said.
The board will vote on the recommendation at its Oct. 18 meeting.