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Somerfield Pension Scheme selects custodian

29 January 2014

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Somerfield Pension Scheme has hired BNY Mellon to provide custodial and investment accounting services for the £800m scheme.

The mandate awarded to BNY Mellon further extends the relationship that it already has with the scheme's parent company, The Co-operative Group.

It acts as a custodian for the Co-operative Group Pension Scheme (Pace) and the Britannia Pension Scheme.

The Co-operative Group pension finance and risk controller Mike Thorpe 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."

BNY Mellon head of asset servicing for Europe, Middle East and Africa Hani Kablawi 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."

First published 29.01.2014