BNP Paribas has been appointed to provide global custody for £3 billion in pension fund assets for the West Sussex Pension Fund.
The West Sussex Pension Fund is the fifth appointment BNP Paribas has secured under the Local Government Pension Schemes (LGPS) National Framework Agreement.
Along with global custody services, BNP Paribas will provide investment accounting, investment reporting and performance services.
Jeremy Hunt, pension panel chairman at the West Sussex Pension Fund, said: “We were impressed by the expertise of the individuals we worked with and the technology underlying its services—particularly BNP Paribas’s reporting tools, such as its data navigation analysis system.”
Sid Newby, head of business development for the UK at BNP Paribas securities services, commented: “The UK pension market is currently undergoing significant change and we are committed to helping schemes facilitate and benefit from this.”
“We are big supporters of the LGPS initiative and engaged early on with local authorities and their consultants as they were assessing various operating models.”
