Railpen renews BNY Mellon custody mandate

British_trainRPMI Railpen, the £28 billion (€32.1 billion) pension scheme for the UK’s railway companies, has reselected BNY Mellon as its asset servicer.

The mandate will include core custody as well securities lending, FX and cash management, as well as data management and investment accounting.

The renewal continues a 22 year relationship between BNY Mellon and the pension fund, which currently has over 350,000 members.

It also comes at a time when Railpen is looking to bring a significant proportion of its asset management capability in-house as part of a “major transformation programme”, according to chief operating officer Paul Nathan.

“A robust operating model is essential to ensuring that Railpen continues to meet its mission to pay pensions, securely, affordably and sustainably,” added Nathan.

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