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BNY Mellon will act as the preferred servicing agent for the state programs managed by Vestwell, providing custody, fund accounting, recordkeeping services, and where applicable, sub-advisory services through its affiliate Lockwood Advisors. Vestwell will continue to play an integral role as part of BNY Mellon’s investment portfolio of fintech companies to enable client growth strategies and better business outcomes.
“Adding Sumday under the Vestwell umbrella accelerates our mission to deliver workplace savings programs to all, while deepening our relationship with one of the most respected financial institutions in the world,” said Aaron Schumm, Founder and CEO of Vestwell. “BNY Mellon has been a strong supporter of Vestwell since our early days, and we are fully aligned in helping address the savings gap felt across the country, taking the initiative to help employers and savers reach their savings goals.”
