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Pensions

Brunel pool hires State Street as custodian

Brunel pool hires State Street as custodian

Mark Dunne
Tuesday 3rd October 2017

Brunel Pension Partnership (BPP) has handed a $38bn (ÂŁ28.5bn) mandate to State Street.

The firm will be the third-party administrator and custodian to the pooled pension scheme for government workers in the South West of England.

Among the services BPP will receive under the arrangement will be analytics to help with its environmental, social, and governance (ESG) reporting.

State Street will also provide custody and administration services to Brunel’s 10 LGPS clients and help consolidate their assets into the pool.

It will also design, build, test and implement the asset servicing infrastructure needed to support future investment.

BPP chief executive Dawn Turner described the strategic agreement designed to add value to the pool’s members as “exciting”.

State Street’s head of head of UK pensions and banks, asset owner solutions, Andy Todd, said the firm is delighted to partner Brunel to work with its LGPS clients.

“In particular, we look forward to combining Brunel’s market-leading ESG expertise with our own suite of data innovation technologies to embed ESG in the investment decision-making process,” he added.

BPP was established a few months ago to house the assets of local government pension schemes in Avon, Buckinghamshire, Cornwall, Devon, Dorset, Gloucestershire, Oxfordshire, Somerset, Wiltshire and the Environment Agency.

Nine people working for these funds have transferred to Brunel ahead of the assets being moved to the pool next year.

Three transfer into senior roles. Matthew Trebilcock from Cornwall joins in October as client relationship director, while Faith Ward from the Environment Agency’s scheme arrives a month later as chief responsible investment officer. In December, David Anthony from Wiltshire takes up the post of head of finance and corporate services.

BPP’s recruitment drive continues with more seats needing to be filled at head office. Top of the list is someone to head its private market investments.

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