BNY Mellon has renewed a custody contract with the London Borough of Croydon Pension Fund.

The bank also provides fund administration and cash management services for assets worth £668m ($1.1bn).

Nigel Cook, head of pensions and Treasury at the pension fund, said: "The strength of BNY Mellon’s service offering and the depth of the team’s expertise were clearly demonstrated during the extensive benchmarking exercise we have recently undertaken in association with Amaces.”

BNY Mellon said it is refining its offering for pension funds in the UK as well as Continental Europe to ensure they have the comprehensive and value-for-money suite of solutions that addresses their evolving needs around asset safety, cash management, fund accounting and risk mitigation.