Railpen, the fiduciary and investment manager of the UK railways’ pension schemes, has appointed BNY Mellon (NYSE:BK), the global financial services company, to provide a cloud-based data platform that simplifies its data architecture and supports the resilience of its operating model.
The platform will deliver greater insights from Railpen’s proprietary data for the purpose of investment reporting and generating analytics.
Railpen is responsible for the safekeeping and investment of around £34 billion 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 our strategy to optimise and scale our operating model, our collaboration with BNY Mellon is an important step in achieving our objective of delivering the best possible outcomes for our 350,000 members. BNY Mellon’s data operating platform will help enhance the resilience of Railpen’s investment and functional teams, providing a greater ability to analyse and incorporate new data feeds, and prepare us to benefit from innovations, now and in the future,” said John Robson, Railpen Chief Technology Officer.
As part of the contract, BNY Mellon will provide the railways pension schemes with additional services including custody, investment accounting and front-office support solutions for Railpen’s public and private assets – replacing a legacy solution.
“For clients looking to data to power their businesses, our 240 years of experience and longstanding focus on developing trusted data infrastructure and analytics tools that address their evolving needs, is helping make investing more effective and easier for them,” said Julie Gerdeman, Global Head of Data & Analytics, BNY Mellon. “Providing greater insights will help Railpen deliver on its commitment to its members across the investment lifecycle, as well as strengthen its risk management and governance practices.”
BNY Mellon recognizes the importance of pension funds in the UK, and across the world, and is committed to developing trusted tools that address evolving needs.