BNP Paribas Securities Services has been awarded a mandate to provide custody services to the Isle of Wight Local Government Pension Scheme (LGPS).

The custodian bank is to provide the fund with global custody, investment accounting, cash management and foreign exchange services. 

“We were very impressed with BNP Paribas’ service offering for custody, in particular their data management tools which provide us with interactive, dynamic information on our funds, and their commitment to client service," said Stuart Fraser, head of finance and section 151 officer, Isle of Wight Local Government Pension Scheme. 

"We have also been impressed by the level of support provided during the transition of this service from our previous provider.”

The mandate was awarded through the UK’s LGPS framework for provision of custody services.

“Our offering is designed not only to safekeep the assets of pension funds, but also to help them manage increasing regulatory requirements and enhance the way they manage their investments," said Mark Downing, UK head of relationship management for institutional investors, BNP Paribas Securities Services.