RPMI Railpen, the manager of Railways Pension Scheme, London rehired BNY Mellon to provide custody and asset servicing to the £28 billion ($35.9 billion) pension fund, a spokesman said.
BNY Mellon will provide securities lending, foreign exchange and cash management, in addition to custody. Through its Eagle Investment Systems platform, the bank will continue to support Railpen with data management and investment accounting.
"Through a major transformation program at Railpen, as we bring significant asset management capability in house, BNY Mellon has demonstrated not only the quality of its service proposition but also its flexibility and professionalism. A robust operating model is essential to ensuring that Railpen continues to meet its mission to pay pensions securely, affordably and sustainably. We are very pleased BNY Mellon will be supporting us with this over the coming years," said Paul Nathan, Railpen's chief operating officer, in an emailed comment.