BNP Paribas wins £3bn Pension Fund mandate

BNP Paribas Securities Services  has been appointed by the £3 billion West Sussex Pension Fund to provide global custody, investment accounting and investment reporting and performance services.

BNP Paribas Securities Services is part of the UK’s Local Government Pension Schemes national custody framework. The West Sussex Pension Fund is the fifth appointment BNP Paribas has secured under the framework.

Jeremy Hunt, Pension Panel Chairman, West Sussex Pension Fund, said: “Throughout the selection process, BNP Paribas Securities Services demonstrated a deep understanding of our needs. We were impressed by the expertise of the individuals we worked with and the technology underlying its services – particularly BNP Paribas’ reporting tools, such as its Data Navigation Analysis system.”

Sid Newby, head of business development, UK, BNP Paribas Securities Services, said: “We are delighted to have won West Sussex Pension Fund as a client. Our interactions with them so far have provided us with great insight into their changing needs, partly as a result of the LGPS pooling, and we look forward to continuing to work with them and deepening our relationship.

“The UK pension market is currently undergoing significant change and we are committed to helping schemes facilitate and benefit from this. We are big supporters of the LGPS initiative and engaged early on with local authorities and their consultants as they were assessing various operating models.”