BNY Mellon Wins £800 Million Somerfield Pension Scheme Mandate
Jan 27, 2014
LONDON, January 27, 2014 — BNY Mellon, the global leader in investment management and investment services, has been appointed to provide custody and investment accounting for assets worth £800 million 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 £7.4 billion Co-operative Group Pension Scheme (Pace) and the £625 million Britannia Pension Scheme.
Hani Kablawi, Head of Asset Servicing for Europe, Middle East & Africa at BNY Mellon, said: "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 & Risk Controller at Co-operative Group, said: “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.”
BNY Mellon's Asset Servicing business supports institutional investors in today’s fast-evolving markets, safeguarding assets and enhancing the management and administration of client investments through services that process, monitor and measure data from around the world. We leverage our global footprint and local expertise to deliver insight and solutions across every stage of the investment lifecycle.
BNY Mellon is a global investments company dedicated to helping its clients manage and service their financial assets throughout the investment lifecycle. Whether providing financial services for institutions, corporations or individual investors, BNY Mellon delivers informed investment management and investment services in 35 countries and more than 100 markets. As of December 31, 2013, BNY Mellon had $27.6 trillion in assets under custody and/or administration and $1.6 trillion in assets under management. BNY Mellon can act as a single point of contact for clients looking to create, trade, hold, manage, service, distribute or restructure investments. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Additional information is available on www.bnymellon.com or follow us on Twitter @BNYMellon.