Railpen, the fiduciary and investment manager of the UK railways’ pension schemes, has appointed BNY Mellon to provide a cloud-based data platform that aims to simplify its data architecture and support the resilience of its operating model. The platform will deliver greater insights from Railpen’s proprietary data for investment reporting and analytics. Railpen is responsible for the safekeeping and investment of around GBP34bn (USD43bn) in assets for the 350,000 members of the railways pension schemes, one of the UK’s largest and longest established pension funds.
As part of the contract, BNY Mellon will provide additional services including custody, investment accounting and front-office support solutions for Railpen’s public and private assets, replacing a legacy solution. In 2015 Railpen appointed Northern Trust to provide investment operations outsourcing services including trade matching, derivative processing and lifecycle management, active collateral management, and book of record services.