Arizona State Retirement System, Phoenix, hired Bank of New York Mellon as its new custodian.
The $48 billion pension fund issued an RFP in October for multiple custodian and investment services, which included custody bank services, proxy-voting services, class-action claims filing services and investment transaction data storage services.
BNY Mellon will provide core custody services, alternative asset services, performance analytics and overnight investment services, spokesman David Cannella confirmed.
Current custodian State Street Bank and Trust did rebid for the services. There were no finalist presentations. BNY Mellon's contract is scheduled to begin July 1.
The pension fund also rehired Glass Lewis as proxy-voting services provider.