BNY Mellon, the global leader in investment management and investment services, has been appointed to provide custody and investment administration solutions for NOW: Pensions' new cost-efficient UK defined contribution workplace pension.
NOW: Pensions is the UK-based multi-employer trust established in November 2011. The investments are managed by NOW: Pensions Investments, a subsidiary of ATP (Arbejdsmarkedets Tillægspension), Denmark's largest pension fund and the administration is carried out by Paymaster, an established UK third party administrator.
Morten Nilsson, Chief Executive of NOW: Pensions said: "Efficient custody and investment administration solutions are key elements which enable us to offer a cost-effective solution to our members. BNY Mellon has supported ATP's offering in Denmark since 2007 and we look forward to working with the company on our UK solution."
Hani Kablawi, Head of Asset Servicing for Europe, Middle East & Africa at BNY Mellon, said: "ATP is one of our most valued Danish clients. NOW: Pensions is looking to replicate the strong track record ATP has already established in Denmark, where it administers contributions for 4.7 million members across 160,000 employers. We are pleased to be able to provide innovative solutions coupled with high-quality servicing to support NOW: Pensions in this new endeavour."