UK - The O2 pension scheme has tapped the Bank of New York Mellon to provide global custody, investment accounting, cash management, securities lending and performance measurement services for assets valued at €1bn.

The company's asset servicing unit announced today it was the first time the UK pension fund of the mobile phone company had looked to independently appoint a global custodian.

O2 previously utilised its investment managers to meet its custody needs.

"Following discussions with KPMG Investment Advisory, O2's consultants, and a due diligence presentation to the Plan in September 2007, BNY Mellon was confirmed as O2's new global custodian," a statement confirmed.

A spokesman for the company told IPE the mandate was "effectively" won by ABN Amro Mellon Global Security Services, which is now BoNY Mellon Asset Servicing BV.

James Kirkland, group pensions manager for the pension scheme, said: "We had been advised by KPMG of BNY Mellon's comprehensive offering and its sophisticated, flexible technology solutions."

Kirkland added: "Those capabilities, along with the expertise and enthusiasm of the BoNY Mellon team, were deciding factors when it came to selecting BoNY Mellon as our new custodian."

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