Home Pension Issues Florida retirement trust fund gets new caretaker

Florida retirement trust fund gets new caretaker

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Mellon Financial Corp.‘s global securities services group is the new master custodian for $113 billion in public funds administered by the State Board of Administration of Florida.

Mellon (NYSE: MEL) is to provide global custody and securities lending services. Its Russell/Mellon affiliate is to supply performance measurement and analysis.

SBA is the fourth largest public retirement system in the country, overseeing several state funds, the largest being the Florida Retirement System Trust Fund. That fund’s more than 850,000 members range from state government workers and public school teachers to local public safety officers, firefighters and their beneficiaries.

Pittsburgh-based Mellon has about $4.2 trillion in assets under management, administration or custody, including $738 billion under management.

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