BNY Mellon Asset Servicing has been appointed to provide third party administrative services for the pooled pensions business at M&G.
The third party administration contract will include dealing, registration and correspondence services. M&G is the latest client to utilise BNY Mellon’s new range of administration services for the pooled pensions market.
Taking its established administration platform BNY Mellon has added new features including multiple correspondence parties and time-weighted rate of return calculations to service scheme administrators and product promoters.
“We are very pleased to have been awarded this mandate by M&G, said Nadine Chakar, Head of Europe, Middle East & Africa (EMEA) at BNY Mellon Asset Servicing. Institutional investors, including UK pension funds are seeking partners who are well-capitalised, visibly committed to the business of asset servicing for the long term, and have sophisticated practical solutions to help meet a variety of market challenges faced by institutions today. BNY Mellon ticks all the right boxes.
Administration services will transfer to BNY Mellon in the fourth quarter of 2009.