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PR04-01-001 |
January
14, 2004 |
Contact: Press
Office |
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212-669-3747 |
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THOMPSON:
MASTER CUSTODIAN SELECTED FOR THE FIVE NEW YORK CITY PENSION FUNDS |
| New York City Comptroller
William C. Thompson, Jr. announced today the selection of the Bank of New York
as the successor Master Custodian for the New York City Employees Retirement System,
the New York City Teachers' Retirement System, the New York City Police Pension
Fund, the New York City Fire Pension Fund and the New York City Board of Education
Retirement System. The change will become effective on April 1, 2004. "I
am pleased to welcome the Bank of New York as the City pension funds' new Master
Custodian," Comptroller Thompson said. "The effective management style,
strong technology platform, and impressive track record of the Bank of New York
will serve to enhance pension fund operations. We look forward to a successful
working relationship."
As Master Custodian, the Bank of New York will
be responsible for the safekeeping and collection of income from various asset
classes, including U.S. stocks and bonds and some international securities. The
bank will also be responsible for the combined accounting and reporting of all
pension fund assets, both those under the custody of the bank, and those held
at other institutions on behalf of the funds. In addition, the bank will provide
services to the funds' growing private equity and real estate programs. City pension
fund assets currently total $78 billion.
The selection was based on a competitive
solicitation for proposals conducted by the Comptroller. Bank of New York, which
is based in New York, has 23,106 employees worldwide.
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