The pension scheme of supermarket chain Somerfield has appointed BNY Mellon to provide custody and investment accounting for its £800m of assets.
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 £7.4bn Co-operative Group Pension Scheme and the £625m Britannia Pension Scheme.
Co-operative Group pension finance & risk controller Mike Thorpe 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.”
BNY Mellon head of asset servicing for Europe, Middle East & Africa Hani Kablawi 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.”
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