Mellon Financial Corp. has been hired by Florida's State Board of Administration to oversee $113 billion of pension assets, the Pittsburgh banking company's largest public pension contract ever.
Processing Content
Mellon, which now has $4.2 trillion of assets under custody or administration, said in a statement Tuesday that it would supply services such as securities lending, record keeping, and fund performance data. The contract's terms were not disclosed.
Florida has the fourth-largest public pension pool in the United States. Mellon boosted custody assets by 20%, to a record $3.43 trillion at June 30, lifted by new customers. The Florida pension assets were transferred to Mellon July 1.
