UK - The £5.3bn (€6.7bn) Co-operative Group Pension Scheme (PACE) has tapped BNY Mellon Asset Servicing as its sole custodian.

A spokesman for the average career earnings fund told IPE today the fund had decided to consolidate the servicing of its pension scheme with one provider, extending its relationship with BNY Mellon.

He declined to name the other custodians who saw their mandates withdrawn, though IPE understands the scheme had employed Citibank, DLA Piper, HSBC, JPMorgan, Northern Trust, and State Street as its other custodians.

The fund has just started a review of its investment strategy which it plans to conclude at the end of this year, the spokesman said.

The fund announced last year it would adjust its equity/bond mix in favour of a diversification into currency, commodities and infrastructure. (See earlier IPE article: Co-operative fund on diversification streak)

This diversification exercise can only be started once the review has been concluded, said the spokesman.

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