£300m pension fund appoints BoNY as custodian
UK - The £300m Laporte Group Pension Trust, the pension fund for the multinational chemicals company Laporte has appointed The Bank of New York as global custodian. The contract also includes investment accounting and compliance monitoring for the Bedfordshire-based fund.
“ This appointment is continuing evidence of an accelerating trend: investment accounting is rapidly becoming a core service to UK pension funds,” says Benjie Fraser, managing director of UK sales at the bank.
According to the bank, it has created its range of investment accounting and monitoring services to suit UK pension funds.
Says Jeffrey Tessler, executive vice president at the bank: “ We are delighted that Laporte has recognised that commitment in selecting our services, and we are looking forward to developing a long-term relationship with them. Our investment accounting services are specifically designed to meet the needs of UK pension funds and their superior quality is one of the key determinants of our success.”