Somerfield Pension Scheme, the pension plan of the UK supermarket group, has appointed BNY Mellon to provide custody and investmentaccounting for £800 million (€966.5 million) of its assets.
The mandate previously belonged to State Street Bank & Trust Company, according to an industry guide, Pension funds and their advisers 2011.
BNY Mellon already acts as a custodian for the scheme’s parent, The Co-operative Group, providing services for the £7.4 billion Co-operative Group Pension Scheme and the £625 million Britannia Pension Scheme.
Neither the Somerfield Pension Scheme nor State Street was immediately available for comment.
©2014 funds europe