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. Follow us on Twitter @BNYMellon or
visit our newsroom at www.bnymellon.com/newsroom
for the latest company news.
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
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/bny-mellon-to-service-local-pensions-partnerships-5-billion-equity-fund-300377102.html
SOURCE BNY Mellon