UK - Railpen Investments, the £12bn Railways Pension Scheme's in-house fund manager, has hired Mellon European Fund Services to provide investment accounting services.
Mellon will provide accounting services for the scheme’s 15 pooled investment funds, which have over 300,000 members.
Mellon takes over from Railpen’s previous investment accountant, WM Company.
Railpen finance director Malcolm Gray said: “We operate a large and sophisticated investment structure, so it was particularly important for us to identify a partner who could demonstrate the flexibility to develop a solution that met our specific needs.
“Throughout the selection process, Mellon has demonstrated the quality and value adding components of its accounting service offering.”
Mellon provides fund accounting and portfolio valuation services to asset managers, insurance companies and distributors including Legal & General, Marks & Spencer Financial Services, Prudential and the Nationwide Building Society.
Railpen was assisted by Consulting Services To Investment Managers (CSTIM) in appointing the new investment accountant.
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