BNY Mellon is appointed by Railpen as the data operational model

The global financial services business BNY Mellon (NYSE:BK) has been hired by Railpen, the trustee and investment manager of the pension schemes for UK railways, to supply a cloud-based data platform that streamlines its data architecture and bolsters the robustness of its operational model.

Madilyn Swift

March 01, 2024

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Banking

More insights from Railpen's proprietary data will be provided by the platform in order to generate analytics and report on investments.

For the 350,000 participants in the railways pension plans, one of the biggest and most established pension funds in the UK, Railpen is in charge of the investment and safekeeping of around £34 billion in assets.

"Our partnership with BNY Mellon is a critical step in accomplishing our goal of providing the best results for our 350,000 members as part of our effort to optimize and scale our operating model. Railpen Chief Technology Officer John Robson stated, "BNY Mellon's data operating platform will help enhance the resilience of Railpen's investment and functional teams, providing a greater ability to analyze and incorporate new data feeds, and prepare us to benefit from innovations, now and in the future."

Under the terms of the agreement, BNY Mellon will replace a legacy system for the railway pension schemes and offer additional services such as custody, investment accounting, and front-office support solutions for Railpen's public and private assets.

Julie Gerdeman, Global Head of Data & Analytics at BNY Mellon, stated, "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." "By offering deeper insights, Railpen will be able to better fulfill its commitment to its members throughout the investment lifecycle and fortify its risk and governance procedures."

Acknowledging the significance of pension funds in the UK and globally, BNY Mellon is dedicated to creating reliable instruments that cater to changing requirements.