London
13 December 2016
Reporter: Stephanie Palmer
Pension fund service mandate for BNY Mellon
BNY Mellon has been appointed to provide fund accounting, transfer agency, custody, trust and depository services to the Local Pensions Partnership (LPP) £5 billion global equity fund in the UK.

The fund is comprised of pooled equity assets of the Lancashire County Pension Fund (LCPF) and London Pensions Fund Authority (LPFA), both primary clients and shareholders of LPP.

It was launched under the LPP’s Authorized Contractual Scheme (ACS), a type of tax-transparent fund, following reforms to the UK’s local government pension fund assets.

Bruce Carnaby, head of investment operations at LPP, said: “We launched the LPP as we believed funds must manage all services together to enable them to benefit from superior governance and to achieve lower costs and above average returns.”

He added: “BNY Mellon’s depositary oversight and performance reporting capabilities, and its robust approach to managing the transition of assets to the global equity fund, made them our preferred custodian when launching our first tax-transparent pooling vehicle.”

Paul Traynor, international head of pensions and insurance segments at BNY Mellon, said: “In supporting this fund structure, BNY Mellon is providing a range of solutions that can help pension schemes maintain their beneficial tax status and transition their assets into efficient pooling vehicles.”

More fund services news
The latest news from Asset Servicing Times
Join Our Newsletter

Sign up today and never
miss the latest news or an issue again

Subscribe now
Euronext launches French funds solution
26 April 2017 | Paris | Reporter: Stephanie Palmer
Euronext is set to launch its new solution making it easier to invest in open-end funds registered or passported in France
Opus expands APAC horizons
26 April 2017 | Singapore | Reporter: Stephanie Palmer
Compliance and risk management solution provider Opus has expanded its presence in Asia, opening a new office in Singapore
$33bn REIT mandate for BNY Mellon
20 April 2017 | New York | Reporter: Stephanie Palmer
BNY Mellon Alternative Investment Services has been selected to provide fund administration for PGIM Real Estate’s US real estate funds
Apex in Saudi fund admin partnership
20 April 2017 | Riyadh | Reporter: Stephanie Palmer
Apex Fund Services has partnered up with Saudi Arabian custodian Albilad Capital, to deliver fund administration solutions to Saudi funds
BNP Paribas set for Dutch expansion
11 April 2017 | Utrecht | Reporter: Stephanie Palmer
BNP Paribas is expanding its presence in the Netherlands, having been appointed as service provider to Dutch asset management firm Actiam
SGSS wins mandate for ASEAN Women Empowerment Fund
11 April 2017 | Luxembourg | Reporter: Stephanie Palmer
BlueOrchard Finance, an impact investment manager, has appointed SGSS to provide fund services for the Luxembourg-based Japan ASEAN Women Empowerment Fund
ETF servicing mandate for Citi
29 March 2017 | Cleveland, Ohio | Reporter: Stephanie Palmer
Citi has been appointed to provide ETF services to Cleveland-based boutique asset manager Victory Capital
More fund services news