Nevada State Treasurer's Office, Carson City, hired Bank of New York Mellon as custodian for five funds it oversees, said Mark Mathers, chief deputy treasurer.
The office issued an RFP in February because the contract of current custodian Wells Fargo Bank is expiring on Nov. 30; Wells Fargo was the other finalist.
The hire is pending negotiations for a contract set to begin on Dec. 1, Mr. Mathers said.
The funds include the $306 million Permanent School Fund and $64 million Prepaid College Tuition Program, both tax-exempt. Other funds are the $1.5 billion General Portfolio, $559 million Local Government Investment Pool and $228 million Enhanced Savings Term Program.