NEW YORK, April 4, 2013 /PRNewswire/ -- BNY Mellon, the global leader in investment management and investment services, announced that it has been named custodian for Howard University's $1.1 billion endowment and pension plan. BNY Mellon will provide custody, accounting, benefit disbursements, and global risk solutions. BNY Mellon will also serve as trustee for Howard University's pension plan.
"We needed a business partner with a strong track-record of working with endowments and academic administration," said Robert M. Tarola, senior vice president for administration, chief financial officer and treasurer at Howard University. "Both from a human and technology resource perspective, BNY Mellon can assist us in administering these plans for the benefit of Howard, its faculty and its staff."
"We're proud to win the trust and confidence of such a prominent American institution as Howard University," said Samir Pandiri, global head of Asset Servicing at BNY Mellon. "With this appointment, we'll bring a range of investment services and expertise in support of the university's team, its mission, employees and retirees."
BNY Mellon is the custodian for 46% of the top 50 largest academic endowments in the U.S., comprising more than $113 billion in plan assets.Founded in 1867, Howard University is a private, research university comprised of 13 schools and colleges. Students pursue studies in more than 120 areas leading to undergraduate, graduate and professional degrees. Since 1998, the university has produced two Rhodes Scholars, two Truman Scholars, a Marshall Scholar, 30 Fulbright Scholars and 11 Pickering Fellows. Howard also produces more on campus African-American Ph.D. recipients than any other university in the U.S. For more information, visit the school's web site at www.howard.edu. BNY Mellon's Asset Servicing business supports institutional investors in today's fast-evolving markets, safeguarding assets and enhancing the management and administration of client investments through services that process, monitor and measure data from around the world. We leverage our global footprint and local expertise to deliver insight and solutions across every stage of the investment lifecycle.