NEW YORK, May 11, 2011 /PRNewswire/ -- BNY Mellon, the global leader in investment management and investment services, announced that it has been named global custodian for Textron Inc.'s employee defined benefit retirement plan, with $4.2 billion in assets. BNY Mellon Asset Servicing will provide global custody, cash sweep, and foreign exchange direct-dealing services, as well as performance and risk analytics.
"We need a company with the global reach and comprehensive investment services of BNY Mellon to help us manage a retirement plan that supports more than 76,000 employees and retirees worldwide," said Keith Watson, Textron's director of pension investments. "Their outstanding people and technology resources give us the ability to make timely, informed decisions about our portfolio."
"Textron and its businesses are some of the most widely recognized brands in the world, and we'll be delivering world-class services to help them administer their plan," said Laurin Moore, head of BNY Mellon Asset Servicing's U.S. Corporate, Government & Not-for-Profit business. "In fact, a good deal of support will be performed at our expansive facility in Everett, Massachusetts – a former Textron site BNY Mellon acquired in 1998."
Textron Inc. is a multi-industry company that leverages its global network of aircraft, defense, industrial and finance businesses to provide customers with innovative solutions and services. Textron is known around the world for its powerful brands such as Bell Helicopter, Cessna Aircraft Company, Jacobsen, Kautex, Lycoming, E-Z-GO, Greenlee, and Textron Systems. For more, visit textron.com.
BNY Mellon Asset Servicing offers clients worldwide a broad spectrum of specialized asset servicing capabilities, including custody and fund services, securities lending, performance and analytics, and execution services. BNY Mellon Asset Servicing provides services through BNY Mellon and other related companies.
BNY Mellon is a global financial services company focused on helping clients manage and service their financial assets, operating in 36 countries and serving more than 100 markets. BNY Mellon is a leading provider of financial services for institutions, corporations and high-net-worth individuals, offering superior investment management and investment services through a worldwide client-focused team. It has $25.5 trillion in assets under custody and administration and $1.2 trillion in assets under management, services $11.9 trillion in outstanding debt, and processes global payments averaging $1.7 trillion per day. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Learn more at bnymellon.com.
SOURCE BNY Mellon