Following a competitive tendering process, BNY Mellon has been re-contracted by RPMI Railpen (Railpen) to provide core custody and associated services, continuing a 22-year relationship with one of the UK’s largest pension schemes.
Railpen is the investment manager of the industry-wide pension scheme for UK railway companies, responsible for the safekeeping and investment of around £28 billion on behalf of the scheme’s 350,000 members.
The services provided by BNY Mellon include core custody, securities lending, FX and cash management. Via Eagle Investment Systems, BNY Mellon continues to support Railpen with data management and investment accounting.
Paul Nathan, Chief Operating Officer at Railpen, said, “Through a major transformation programme 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.”
Daron Pearce, CEO, BNY Mellon EMEA Asset Servicing, said, “Railpen has undertaken a major, innovative programme to overhaul its investment structure and processes in recent years. It has been great to support them with this and their decision to stay with BNY Mellon demonstrates how our commitment to providing pension schemes with the most comprehensive service offering will enable Railpen to focus on delivering value to its members.”