A representative of the Ohio Public Employees Retirement System in the US has issued a clarification on reports surrounding recent custodian changes.

While it is correct to say that BNY Mellon is to take over as international custodian from JP Morgan, it is incorrect to say that OPERS appointed BNY Mellon.

It is in fact the Ohio Treasurer's office which appointed BNY Mellon as the custodian, in accordance with Ohio law, and this was reported as part of the March OPERS board meeting agenda, which reads as follows.

"The Treasurer's office announced on Monday, March 16 that Fifth Third would remain our domestic custodian and our international custodian is changing from JPMorgan to BNY Mellon. The BNY bid is expected to reduce our overall fees from their current level. We are working through the timing of the transition with the Treasurer and JPMorgan and BNY Mellon."

The same meeting was advised that OPERS has now earned a cumulative US$750 million from securities lending since adopting the practice in 1994, although such revenue has fallen from its peak of $85 million in 2008 to $30 million in 2018.

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A representative of the Ohio Public Employees Retirement System in the US has issued a clarification on reports surrounding recent custodian changes.

While it is correct to say that BNY Mellon is to take over as international custodian from JP Morgan, it is incorrect to say that OPERS appointed BNY Mellon.

It is in fact the Ohio Treasurer's office which appointed BNY Mellon as the custodian, in accordance with Ohio law, and this was reported as part of the March OPERS board meeting agenda, which reads as follows.

"The Treasurer's office announced on Monday, March 16 that Fifth Third would remain our domestic custodian and our international custodian is changing from JPMorgan to BNY Mellon. The BNY bid is expected to reduce our overall fees from their current level. We are working through the timing of the transition with the Treasurer and JPMorgan and BNY Mellon."

The same meeting was advised that OPERS has now earned a cumulative US$750 million from securities lending since adopting the practice in 1994, although such revenue has fallen from its peak of $85 million in 2008 to $30 million in 2018.