BNY Mellon Asset Servicing B.V. has been appointed by the O2 Pension Plan (O2) to provide global custody, investment accounting, cash management, securities lending and performance measurement services for assets valued at EUR 1 billion.
This was the first time O2 had looked to independently appoint a global custodian, having previously utilised its investment managers to meet its custody needs. Following discussions with KPMG Investment Advisory, O2's consultants, and a due diligence presentation to the Plan in September 2007, BNY Mellon was confirmed as O2's new global custodian.
James Kirkland, Group Pensions Manager for the Plan, said: "We had been advised by KPMG of BNY Mellon's comprehensive offering and its sophisticated, flexible technology solutions. Those capabilities, along with the expertise and enthusiasm of the BNY Mellon team, were deciding factors when it came to selecting BNY Mellon as our new custodian."
Nadine Chakar, Head of EMEA, BNY Mellon Asset Servicing, said: "I am delighted that O2 has chosen us as its trusted custodian partner. This appointment confirms our position as the leading provider of asset servicing solutions to the UK pension fund sector, and underlines our commitment to product innovation and a highly consultative approach to asset servicing within Europe, and indeed globally."