Greater Gwent (Torfaen) County Borough Council has appointed ABN AMRO Mellon to provide global custody and value-added services for its employee pension scheme, the Greater Gwent (Torfaen) Pension Fund.
In addition to core custody services, ABN AMRO Mellon is providing investment accounting, securities lending, performance measurement and analytics to the fund, which held approximately 700 million of assets across all classes at its most recent actuarial valuation.
The Greater Gwent (Torfaen) Pension Fund has approximately 32,000 members, comprising some 18,000 active contributors, 4,000 preserved benefits and 10,000 pensioners. This is the first direct engagement of a global custodian for Greater Gwent (Torfaen) County Borough Council.
Philip Nash, Director of Finance for the Council, comments: “Our decision to appoint a global custodian was based on an increased need for consolidated reporting and the desire to benefit from value-added services. ABN AMRO Mellon demonstrated that it has the best systems, services and people to meet these requirements.”
“Local authority wins are highly sought after in the market and fiercely competed over, which makes it all the more satisfying for us when we win clients such as Torfaen,” adds Nadine Chakar, CEO of ABN AMRO Mellon. “Our continuing success in this market is testament to the quality of our products and services.”