Phoenix City Employees' Retirement System hired Bank of New York Mellon as global custodian, confirmed Greg Fitchet, investment manager for the $2.1 billion pension fund.
The pension fund issued a request for quotes and qualifications in November. Mr. Fitchet said the pension fund originally was set to renew incumbent State Street Bank's contract, due to expire on April 30, but the firm's fee proposal was high so the pension fund issued the RFQQ instead.
State Street was the other finalist. BNY Mellon's five-year contract is scheduled to begin on May 1.
Investment consultant R.V. Kuhns & Associates assisted.
