BNY Mellon to Service Pension Scheme Assets of U.K. Retailer

Somerfield Pension Scheme in the U.K. has appointed BNY Mellon to provide custody and investment accounting for assets worth £800 million.
By Janet Du Chenne(59204)
Somerfield Pension Scheme in the U.K. has appointed BNY Mellon to provide custody and investment accounting for assets worth £800 million.

The mandate extends BNY Mellon’s existing relationship with the scheme’s parent, The Co-operative Group, for whom it already acts as custodian for the £7.4 billion Co-operative Group Pension Scheme (Pace) and the £625 million Britannia Pension Scheme.

Hani Kablawi, head of Asset Servicing for Europe, Middle East & Africa at BNY Mellon, said: “The UK pensions market is going through a period of tremendous change and schemes are increasingly looking to partner with providers who can offer them enhanced governance tools and transparency reporting capabilities, particularly around complex assets.”

Mike Thorpe, Pension Finance & Risk Controller at Co-operative Group, said: “BNY Mellon’s ability to provide a comprehensive and robust set of solutions, along with its strength as a financial institution and the success of our existing relationship, was a key factor in our decision.”

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