Mellon Financial Corp. announced Monday that its global securities services group has been named master custodian for the $1.8 billion Florida Retirement System Public Employees Optional Retirement Program.
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Mellon is to supply global custody, performance measurement, and analytics for the program, which is overseen by Florida's State Board of Administration.
The participant-directed program can be selected by employees in lieu of participating in the state's $115 billion pension plan, for which Mellon also is master custodian. Florida has the nation's fourth-largest public retirement system.
Pittsburgh-based Mellon has about $4.7 trillion of assets under management, administration, or custody, including $781 billion under management.
