HSBC has been reappointed by the British Broadcasting Corporation (BBC) as the global custodian and fund administrator for its £17.3 billion pension scheme.
The BBC Pension Scheme is one of the largest occupational pension schemes in the UK, providing benefits to over 50,000 people, and HSBC has been providing custody services to it for the last 17 years.
“We’re absolutely delighted to continue our long-term strategic partnership with the BBC Pension Scheme and to provide ongoing support to the Trust for the next five years, as mandated, in what is an increasingly challenging economic environment,” said Dale Grieve, European head of asset owners, securities services, HSBC.
HSBC stated its reappointment followed a detailed independent benchmarking and due diligence exercise of the pension scheme’s global custody arrangements.
As part of the renewal, HSBC will continue to provide global custody, fund accounting and performance measurement services.
The mandate renewal is the latest boost to HSBC’s UK global custody offering for asset owners. In July last year, it was appointed the custodian and fund administrator for UK life and pension fund ReAssure to service $43 billion of its assets.
As part of the mandate, HSBC would provide custody services to £28 billion in assets after ReAssure’s £650 million acquisition of 1.1. million closed life insurance policies from Legal and General (L&G).