US- Two Iowa state pension schemes have selected the Bank of New York to provide a range of investment services for their assets of $16bn.

The Bank will provide compliance reporting, custody, performance measurement, and securities lending for the Iowa Public Employees Retirement System and the Iowa Police Officers’ retirement, accident and disability System.

Iowa State treasurer Michael Fitzgerald says: “we conducted an exhaustive review of the qualified service providers, which led to the selection of The Bank of New York which demonstrated a strong understanding of our needs and proposed highly customized solutions.”

The appointment coincides with US paint company Sherwin-Williams appointing the Bank of New York as master trustee for its defined benefit pension assets of $500m. BoNY will also provide performance measurement and analytics, compliance monitoring tools and benefit distribution.

Sherwin-Williams Company is a manufacturer, distributor and retailer of paint and related products and it employs more than 25,000 people.

Investment house Hansard Financial has also asked BoNY to provide transfer agency, depository, administration and custody services to its recently launched OEIC, Hansard Global Funds, valued at £450m.

BoNY has assets of $6.9trn under custody.