UK- The Bank of New York has been appointed by the £17bn Electricity Supply Pension Scheme (ESPS) to provide commission recapture services though BNY Brokerage.
The Bank of New York will add commission recapture to the suite of services it currently provides to ESPS, which include custodial services, investment accounting, compliance monitoring and reporting, a press statement said.
Peter Browne, finance director at ESPS, said: “The Bank of New York developed a flexible commission recapture programme in which each of our groups within the scheme can choose whether or not to participate. We are looking forward to this extension of services from The Bank of New York to provide useful benefits for the participating groups.”
BNY Brokerage, an operating division of BNY Securities, has worked with ESPS to put in place a non-directed arrangement, which supports the investment managers’ strategies.
Jo Sellers, BNY Securities vice president and product manager for Commission Recapture services, added: “The debate around transparency has led to an increased use and management of brokerage commissions by fund trustees, and through our commission recapture programmes, they are often better able to control an element of these very high costs.”
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