News in brief: 9 November

Written by Theo Andrew
09/11/18

RPMI Railpen has reselected BNY Mellon for their asset servicing requirements.

The pension scheme for UK railway companies selected the firm to provide custody and associated services to the £28bn pensions services after putting the mandate out for tender. The new deal is a continuation of the 22-year relationship and will cover 350,000 members. Services will include core custody, securities lending, FX and cash management. The group will continue to support Railpen with data management and investment accounting.

Clara Pensions has confirmed its legal, actuarial and secretariat advisers.

The consolidator for defined benefit pension schemes has chosen law firm CMS to help develop its solution, while Hymans Robertson has been selected to as the schemes actuarial adviser and has been closely involved in developing its proposition since the start of the year. Furthermore, Eversheds Sutherland has been chosen as the adviser for the independent trustees and Ross Corporate Services will become the schemes secretariat.

A new cost data collection and analysis platform, ClearGlass, has launched today, 9 November.

The platform will offer pension schemes access to detailed cost and performance information and will collect data in accordance with the new templates prescribed by the Financial Conduct Authority’s Institutional Disclosure Working Group and the Investment Association. The group hopes to increase transparency, and enable asset owners to have a better understanding of the costs associated with managing their assets.

BlackRock has launched a strategic growth fund, expanding its offering for UK pension funds.

The fund will target a total return through long-term allocation to bonds, equities and non-tradition assets, as well as diversifiers including real estate investment trusts and infrastructure equities. The fund will also consider environmental, social and governance factors, committing 5 per cent of capital to ESG themes. According to BlackRock, the fund launch is in response to growing appetite for long-term growth solutions for pension funds.

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