Railpen, the trustee and investment manager for the UK railway sector pension plans, has hired BNY Mellon, a global financial services company, to deliver a cloud-based data platform that streamlines its data structure and strengthens its operational model.

The service will provide additional insights into Railpen’s unique data for investment reporting and analytics.

Railpen is in charge of the protection and investment of around £34bn ($42bn) in assets for the 350,000 participants in the railway pension plans.

John Robson, Railpen chief technology officer, stated: “As part of our strategy to optimise and scale our operating model, our collaboration with BNY Mellon is an important step in achieving our objective of delivering the best possible outcomes for our 350,000 members. BNY Mellon’s data operating platform will help enhance the resilience of Railpen’s investment and functional teams, providing a greater ability to analyse and incorporate new data feeds, and prepare us to benefit from innovations, now and in the future.”

BNY Mellon has entered into a deal to supply the railway pension plans with supplementary services, such as front-office support solutions, investment accounting, and custody for Railpen’s public and private assets. This will replace the existing legacy solution. 

“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,” added Julie Gerdeman, global head of data & analytics, BNY Mellon.

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“Providing greater insights will help Railpen deliver on its commitment to its members across the investment lifecycle, as well as strengthen its risk management and governance practices.”

BNY Mellon understands the importance of pension funds in the United Kingdom and around the world and is committed to creating reliable tools to meet changing needs.