Florida State Board of Administration, Tallahassee, rehired Bank of New York Mellon as global master custodian for the $166.8 billion in assets the FSBA oversees, said Dennis D. MacKee, FSBA communications director.
Ashbel C. Williams Jr., FSBA executive director and chief investment officer, made the final decision, agreeing with a staff selection committee endorsement.
The hiring is pending contract negotiations; no time frame was set for a conclusion.
BNY Mellon is global master custodian for the $137.9 billion Florida Retirement System defined benefit plan and $8.3 billion 401(a) defined contribution plan.
During the search process, which began in 2011, FSBA extended BNY Mellon's contracts. The DB plan contract initially expired in 2012, while the 401(a) plan contract was up in 2011.
R.V. Kuhns & Associates, an FSBA investment consultant, assisted in the search.
