BNY Mellon scoops Somerfield Pension Scheme’s custody mandate

PensionandkeySomerfield Pension Scheme, the pension plan of the UK supermarket group, has appointed BNY Mellon to provide custody and investment accounting 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

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