Financial Services Industry
Industry: Email Alert RSS FeedNews Just In... : Derbyshire Council to seek single external custodian after withdrawals.
Pensions Week, November, 2004
ABN Amro Mellon is under threat as custodian at a billion pound local authority pension scheme after the fund decided to consolidate its external custody provision.
The GBP1.375bn Derbyshire County Council scheme announced its decision to tender for a custodian after two of its present incumbents, UBS and The Bank of England, announced their decision to retreat from the custody market.
UBS oversaw Derbyshire's European allocation, The Bank of England was custodian of its overseas bonds portfolio, while ABN Amro Mellon looked after the fund's US equities allocation.
After being forced to replace UBS and The Bank of England, Derbyshire decided to consolidate all of its external custody provision with one provider, meaning ABN Amro Mellon could...
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