Co-op continues relationship with BNY Mellon Asset Servicing

The firm will provide the Co-op Group Pension (Average Career Earnings) Scheme with global custody, investment accounting and related services.

Co-operative group finance and risk controller Mike Thorpe said: "We were looking for a single provider who was forward thinking and was willing to offer services that would enable the group to maximize our own efficiencies while providing us with the widest possible product set."

BNY Mellon Asset Servicing head of Europe Middle East and Africa Nadine Chakar added: "We have enjoyed a long and productive relationship with the Co-operative Group, and we will continue to work at exceeding their expectations going forward now that these PACE assets have converted to our state-of-the-art platform for pensions."

A spokesman for the scheme explained the appointment followed a review of the scheme, and that BNY Melon was re-appointed as its existing custodian.