BNP Paribas Securities Services has won a mandate to provide custody services to the Isle of Wight Local Government Pension Scheme (LGPS).
The bank will provide the fund with global custody, investment accounting, cash management and foreign exchange services.
The mandate was awarded through the UK’s LGPS framework for provision of custody services, a shortlist of preferred providers to which BNP Paribas was appointed in 2013.
Stuart Fraser, head of finance and section 151 officer for the Isle of Wight LGPS, commented: “We were very impressed with BNP Paribas’s service offering for custody, in particular their data management tools which provide us with interactive, dynamic information on our funds, and their commitment to client service.”
“We have also been impressed by the level of support provided during the transition of this service from our previous provider.”
Mark Downing, UK head of relationship management for institutional investors at BNP Paribas, added: “BNP Paribas has a strategic commitment to servicing the needs of pension funds in the UK, and we are absolutely delighted to have been awarded this mandate.”
“Our offering is designed not only to safekeep the assets of pension funds, but also to help them manage increasing regulatory requirements and enhance the way they manage their investments.”
