HSBC has been selected by Cadent Gas Pension Scheme to provide a range of back office services including global custody and fund accounting. The mandate will also see HSBC provide other services including performance measurement, private equity administration and securities lending. According to HSBC, its appointment followed a detailed due diligence exercise managed independently. The bank has also extended its long-term partnership with the National Grid UK Pension Scheme. The successful transition of the assets and liabilities of Section C of the National Grid UK Pension Scheme to Cadent Gas Pension Scheme was effective from 1 October 2020. Dale Grieve, European head of asset owners, securities services, HSBC, says: “We’re delighted to continue the long-standing partnership with the National Grid UK Pension Scheme and for the opportunity to support the Cadent Gas Pension Scheme in delivering a number of key back-office services in line with the Trustees’ current and future requirements.” In January, HSBC was reappointed by the BBC as global custodian and fund administrator to its £17.3 billion pension scheme.
