Bank of New York announced yesterday its appointment by the £300m Laporte Group Pension Trust to provide investment accounting, compliance monitoring and global custody services.
Benjie Fraser, managing director, UK sales, Bank of New York, said: This appointment is continuing evidence of an accelerating trend. Investment accounting is rapidly becoming a ‘core’ service to UK pension funds.
Laporte is a multinational chemicals company.
Jonathan Stapleton asks whether newly-accredited professional trustees should be a statutory fixture on pension scheme boards.
Savers are being warned by the Insolvency Service to guard their pension pots from investment scammers and negligent trustees as it winds up 24 companies.
Respondents say they should only be required in certain situations as the system is not broken.