Somerfield Pension Scheme, Manchester, England, hired BNY Mellon to provide custody and investment accounting services for its £800 million ($1.3 billion) of assets, confirmed a spokesman for the fund.
State Street was the previous custodian, the spokesman confirmed.
He said the reason for the appointment was to consolidate custody arrangements with The Co-operative Group’s Pace and Britannia schemes. BNY Mellon already acts as custodian for parent company The Co-operative Group’s £7.4 billion pension scheme, known as Pace, and the £625 million Britannia Pension Scheme, which is also part of The Co-operative Group.
