BNY Mellon has been re-appointed as the global custodian for RPMI Railpen, one of the UK’s largest pension schemes.
The mandate, which includes core custody, securities lending, FX and cash management, renews a 22-year relationship with Railpen, the £28 billion investment manager of the industry-wide pension scheme for UK railway companies.
BNY Mellon will also continue to support Railpen’s data management and investment accounting process through Eagle Investment Systems.
“A robust operating model is essential to ensuring that Railpen continues to meet its mission to pay pensions, securely, affordably and sustainably. We are very pleased BNY Mellon will be supporting us with this over the coming years,” said Paul Nathan, chief operating officer, Railpen.
The appointment is the latest high-profile custody mandate for BNY Mellon. In September, it was appointed by South Korea’s National Pension Service (NPS), one of the world’s largest pension fund schemes, as global custodian for its fixed income portfolio.