Textron Names BNY Mellon as Custodian for US$4.2bn DB Retirement Plan
Textron, a multi-industry company, has named BNY Mellon as global custodian for the company’s employee defined benefit (DB) retirement plan, with US$4.2bn in assets. BNY Mellon Asset Servicing will provide global custody, cash sweep, and foreign exchange (FX) 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. “Its outstanding people and technology resources give us the ability to make timely, informed decisions about our portfolio.”