BNY Mellon has been appointed to provide custody and investment accounting for Somerfield Pension Scheme-managed assets worth £800 million.
The mandate extends BNY Mellon’s existing relationship with the scheme’s parent, The Co-operative Group, for which it already acts as custodian for the £7.4 billion Co-operative Group Pension Scheme and the £625 million Britannia Pension Scheme.
Hani Kablawi, head of asset servicing for Europe, the Middle East and 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 and risk controller at The 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.”
