The Massachusetts Pension Reserves Investment Management board has selected a foreign-exchange transaction cost consultant to analyze its currency trades, Pensions & Investments reports. FX Transparency will study the $49.5 billion state system’s currency trades in 2009 and 2010.

The results of the review are expected to be received in June 2011. The system was seeking to organize the review since reports of public funds suing their custody banks for allegedly overcharging for currency trading services emerged in 2009. Bank of New York Mellon has worked with MassPRIM as a custodian for over 10 years.

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