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.”
Most respondents in this week's Pensions Buzz do not think businesses should be able suspend AE contributions if in financial distress.
Former BHS owner Dominic Chappell has lost the appeal against his section 72 conviction and sentence for failing to hand over information to The Pensions Regulator (TPR).
This week's top stories include Marsh and McLennan Companies agreeing to buy JLT, and the home secretary calling for AE to be scrapped in a no-deal Brexit scenario.
Lesley Titcomb says the watchdog wants closer interactions with pension funds to spot problems sooner and act before having to use its more stringent powers