BNP Paribas Wins Pension Scheme Custody Mandate

BNP Paribas has won a mandate to provide custody services to the Isle of Wight Local Government Pension Scheme (LGPS).

As part of the mandate, the bank shall offer cash management, global custody, investment accounting and foreign exchange services to the fund. The mandate was awarded through the UK’s LGPS framework for provision of custody services, from which a shortlist of providers was established. BNP Paribas was selected from this shortlist in 2013.

“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,” says Stuart Fraser, head of finance and section 151 officer, Isle of Wight LGPS.
“We have also been impressed by the level of support provided during the transition of this service from our previous provider,” he adds.

“Our offering is designed not only to safekeep the assets of pension funds, but also to help them manage increasing regulatory requirements and enhance the way they manage their investments,” states Mark Downing, UK head of relationship management for institutional investors, BNP Paribas.