U.K. Local Pensions Partnership Hires BNY Mellon for Custodial Global Equity Mandate

The £10 billion U.K.-based Local Pensions Partnership Ltd. hired Bank of New York Mellon as the first custodian of the partnership’s £5 billion global equity pool. The Local Pensions Partnership is an asset & liability management partnership between the London Pensions Fund Authority and Lancashire County Pension Fund. 60% of the equity pool is managed by three asset managers: MFS Investment Management, Rotterdam, Netherlands-based Robeco Group and Australia-based Magellan Financial Group. The remaining 40% amount is managed internally.

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