Textron has appointed BNY Mellon Asset Servicing as its global custodian. The investment manager will act as a custodian for the conglomerate's $4.2 billion defined-benefit retirement plan.

BNY Mellon Asset Servicing will replace State Street in the new role, Pensions & Investments reports. BNY Mellon has $25.5 trillion in assets under custody and administration and $1.2 trillion in assets under management.

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