BNP Paribas wins custody brief for West Sussex Pension Fund

Contract_handshakeThe £3 billion (€3.38 billion) West Sussex Pension Fund has chosen BNP Paribas Securities Services (BNPP SS) to provide global custody and related services.

The custodian is part of the UK’s Local Government Pension Schemes national custody framework and the West Sussex Pension Fund is the fifth appointment for the bank under the framework.

BNPP SS’s mandate also covers investment accounting, investment reporting and performance services.

Jeremy Hunt, pension panel chairman at the West Sussex fund, said the pension scheme had been impressed by the expertise of BNPPSS’s individuals and the technology – particularly the reporting tools, such as the Data Navigation Analysis system.

Sid Newby, UK head of business development at BNPP SS, said: “The UK pension market is currently undergoing significant change and we are committed to helping schemes facilitate and benefit from this. We are big supporters of the LGPS initiative and engaged early on with local authorities and their consultants as they were assessing various operating models.”

BNPP SS has $10 trillion (€8.4 trillion) in assets under custody.

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