BNY Mellon wins GBP800m Somerfield Pension Scheme mandate
BNY Mellon has been appointed to provide custody and investment accounting for assets worth GBP800m managed by Somerfield Pension Scheme.
The mandate extends BNY Mellon’s existing relationship with the scheme’s parent, The Co-operative Group, for whom it already acts as custodian for the GBP7.4bn Co-operative Group Pension Scheme (Pace) and the GBP625m Britannia Pension Scheme.
Hani Kablawi, head of asset servicing for Europe, Middle East & Africa at BNY Mellon, says: "The UK pensions market is going through a period of tremendous change and schemes are increasingly looking to partner with providers who can offer them enhanced governance tools and transparency reporting capabilities, particularly around complex assets."
Mike Thorpe, pension finance and risk controller at Co-operative Group, says: “BNY Mellon’s ability to provide a comprehensive and robust set of solutions, along with its strength as a financial institution and the success of our existing relationship, was a key factor in our decision.”
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