UK - Jessop Fund Managers (JFM) has awarded two mandates to BNY Mellon Asset Servicing (BNY MAS) to provide fund accounting, transfer and administrative services for the Jessop Personal Pensions Unit Trust (PPUT).
Custody and trustee services have also been transferred to BNY Mellon’s joint venture, ABN AMRO Mellon Global Securities Services.
Earlier this month, JFM, a subsidiary of Vertex Administration, transferred £162m (US$324M) from Edinburgh Portfolio, itself a subsidiary of Aberdeen Asset Management.
Under the terms of the deal Aberdeen has retained the current investment management responsibility while JFM took over fund management and regulatory functions.
David Child, managing director, Vertex said: “BNY Mellon has shown a deep understanding of our business strategy right from the start and demonstrated the flexibility we need in our partner as we grow.”
The Brunel Pension Partnership has become the fourth local authority pool to receive the green light from the regulator.
Defined benefit (DB) schemes are to be offered a new consolidator as the former chief of the Pension Protection Fund (PPF) launches 'The Pension SuperFund'.
Martin Freeman has been hired as head of technology product and development at Smart Pension, to support the 'growing' technology product side of the business.
Tim Sharp says the government has missed some big opportunities to help workers in the DB white paper.