BNP Paribas Securities Services has been selected to provide custody services to the Isle of Wight Local Government Pension Scheme (LGPS).
The move comes after BNP Paribas was shortlisted to provide its services in 2013.
Stuart Fraser, head of finance at Isle of Wight LGPS, said: “We were very impressed with BNP Paribas’ 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.”
BNP Paribas Securities Services currently has about $9 trillion in assets under custody.
Mark Downing, UK head of relationship management for institutional investors at BNP Paribas Securities Services, said: “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.”
He added: “Our offering is designed not only to safe-keep the assets of pension funds, but also to help them manage increasing regulatory requirements and enhance the way they manage their investments.”
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