The roughly $1 billion Employees’ Retirement System of the city of Baton Rouge and East Baton Rouge Parish will be operated by BNY Mellon, the global leader in investment management and investment services, reports The Wall Street Journal today at marketwatch.com. “BNY Mellon’s level of quality and attention to client service was apparent throughout the custodian bidding process,” said Jeff Yates, retirement administrator for the city of Baton Rouge. “We’re confident in their ability to help us effectively manage and administer system assets for the benefit of our many active employees and retirees.” The City-Parish Employees’ Retirement System is a public employees’ defined benefit pension plan covering 3,500 active and 3,400 retired members. Created in 1953, the plan provides lifetime pension benefits to both nonpublic safety and public safety employees of the combined city-parish government. To read more about the acquisition, click here.
B.R. retirement system finds custodian
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