BNY ConvergEx Group, LLC, provider of agency brokerage and investment technology solutions, announced that BNY Global Transition Management was appointed by the London Borough of Ealing pension scheme as transition manager for assets totalling 550 million.
BNY Global Transition Management is a member of BNY ConvergEx Group.
The London Borough of Ealing pension scheme replaced two balanced mandates with three specialist mandates for both equity and fixed income following a review of all managers.
“We appointed BNY Global Transition Management because of its experience and track record in managing multi-asset class transitions,” says Nigel Watson, head of strategic finance, London Borough of Ealing.
Alex Johnstone, managing director, BNY Global Transition Management, adds: “Through a specific trading strategy incorporating illiquid issues we were able to significantly reduce London Borough of Ealing’s implementation shortfall.”