West Virginia Investment Fund, Charleston, selected Mellon Bank as custodian and a vendor for an in-house investment portfolio accounting system, said Craig Slaughter, executive director.
The Mellon selection is tentative, pending contact terms. The $3.8 billion fund plans to drop State Street, the incumbent custodian, at the end of the year because it wants to move some services in-house, including investment accounting.
Princeton Financial Systems was hired to provide the fund's portfolio accounting management system software.