LONDON, Dec. 13, 2016 /PRNewswire/ -- BNY Mellon, a
global leader in investment management and investment services, has
been appointed to provide fund accounting, transfer agency,
custody, and trust and depositary services to the Local Pensions
Partnership's (LPP) £5 billion global equity fund. This follows
reforms to pool the UK's local government pension fund assets.
The fund, the first launched by LPP, comprises the pooled equity
assets of the Lancashire County Pension Fund (LCPF) and London
Pensions Fund Authority (LPFA), which are the primary clients and
shareholders of LPP. It was launched under the LPP's Authorized
Contractual Scheme (ACS) with future funds planned for additional
asset classes. ACSs are a type of tax-transparent fund.
"We launched the LPP as we believed funds must manage all
services together to enable them to benefit from superior
governance and to achieve lower costs and above average returns,"
said Bruce Carnaby, Head of
Investment Operations at LPP. "BNY Mellon's depositary oversight
and performance reporting capabilities, and its robust approach to
managing the transition of assets to the global equity fund, made
them our preferred custodian when launching our first
tax-transparent pooling vehicle."
"Over the next year we expect to see more UK-based public sector
pension funds collaborating on investment strategies as they seek
to control their costs and take advantage of opportunities from the
new ACS legislation," said Paul
Traynor, International Head of Pensions and Insurance
Segments at BNY Mellon. "In supporting this fund structure, BNY
Mellon is providing a range of solutions that can help pension
schemes maintain their beneficial tax status and transition their
assets into efficient pooling vehicles."
Notes to Editors:
BNY Mellon's Asset Servicing business supports institutional
investors in today's fast-evolving markets, safeguarding assets and
enhancing the management and administration of client investments
through services that process, monitor and measure data from around
the world. We leverage our global footprint and local expertise to
deliver insight and solutions across every stage of the investment
lifecycle.
BNY Mellon is a global investments company dedicated to helping
its clients manage and service their financial assets throughout
the investment lifecycle. Whether providing financial services for
institutions, corporations or individual investors, BNY Mellon
delivers informed investment management and investment services in
35 countries and more than 100 markets. As of September 30, 2016, BNY Mellon had $30.5 trillion in assets under custody and/or
administration, and $1.72 trillion in
assets under management. BNY Mellon can act as a single point of
contact for clients looking to create, trade, hold, manage,
service, distribute or restructure investments. BNY Mellon is the
corporate brand of The Bank of New York Mellon Corporation (NYSE:
BK). Additional information is available on www.bnymellon.com.
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This press release is issued by The Bank of New
York Mellon to members of the financial press and
media.
All information and figures source BNY Mellon unless otherwise
stated as at September 30,
2016.
The Bank of New York Mellon, London Branch, registered in England and Wales with FC005522 and
BR000818.
Branch office: One Canada Square,
London E14 5AL. The Bank of New
York Mellon is supervised and regulated by the New York State Department of Financial
Services and the Federal Reserve and authorised by the Prudential
Regulation Authority.
The Bank of New York Mellon London branch is subject to regulation
by the Financial Conduct Authority and limited regulation by the
Prudential Regulation Authority.
Details about the extent of our regulation by the Prudential
Regulation Authority are available from us on request.
Contact:
Malcolm Borthwick
+44 207 163 4109
malcolm.borthwick@bnymellon.com
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SOURCE BNY Mellon