Kentucky Retirement Systems, Frankfort, hired BNY Mellon Asset Serving to administer its securities lending program, said David Peden, chief investment officer.
Concerns over the financial health of current securities lending provider Deutsche Bank prompted the switch, Mr. Peden wrote in an e-mail. BNY Mellon already serves as the $15 billion retirement system's custodian. A Deutsche Bank spokeswoman could not immediately be reached for comment.
Northern Trust, which has provided securities lending services to KRS in the past, was also considered. An RFP was not issued.
