Pat Sharman believes traditional custodians are not serving UK pension funds well and argues it could be time to shift towards the Dutch approach.
The Bank of New York (BNY) Mellon has been fined £126m by the Financial Conduct Authority for serious failures to safeguard clients' assets.
Cambridge and Northamptonshire local government pension schemes (LGPS) have appointed Northern Trust to act as custodian of their £4bn of assets.
The Financial Services Authority is investigating State Street over allegations it overcharged some of the UK's biggest pension schemes according to the Financial Times.
Middlesbrough Council has appointed BNP Paribas to act as custodian for the £2.5bn Teesside Pension Fund.
AUSTRALIA - The A$24bn Commonwealth Superannuation Corporation has hired Northern Trust as custodian, marking the firm's first full-service master custody client in Australia.
UK - The £4.3bn ($7bn) Lancashire County Council pension fund has become the fourth local government pension scheme this year to hand Northern Trust a custody mandate.
The £4.3bn Lancashire County Council pension fund has become the fourth local government pension scheme this year to hand Northern Trust a custody mandate.
EUROPE - Custodians are increasingly being selected as preferred partners in fiduciary manager appointments, research suggests.
NETHERLANDS - BNY Mellon Asset Servicing has been appointed by Stichting Rabobank Pensioenfonds (Rabobank Pension Fund) in the Netherlands to provide custody and other services for its $16.4bn of assets.
ITALY - State Street has strengthened its European presence with the opening of two new offices in Milan and Turin, Italy. The move is part of the company's successful integration efforts with Intesa Sanpaolo (ISP) which has a presence in both Italy and...
NETHERLANDS - Stichting Bedrijfstakpensioenfonds voor de Groothandel in Levensmiddelen (Bpf GIL) has hired J.P. Morgan Worldwide Securities Services as global custodian for its €500m ($700.6m) scheme.
US - J.P. Morgan Worldwide Securities Services has been selected by the Maine Public Employees Retirement System (MainePERS) to provide custody and securities services for the State's $10.5bn in assets.
NETHERLANDS - KAS Bank has "plenty of deals in the pipeline" in Holland, as pension managers look to be "more in control".
The Pension Protection Fund has reappointed State Street to provide a range of global custody and administration services and also hired it to provide securities lending services for the first time.
CANADA - The Workplace Safety and Insurance Board of Ontario hired State Street to provide custody, accounting, securities lending and investment analytics to C$15bn ($24.3bn) in assets.
US/UK - Requests for securities lending services unbundled from custody arrangements are on the increase, officials at eSecLending say.
The London Borough of Wandsworth pension scheme has appointed Northern Trust to provide global custody and investment accounting services to £750m of assets.
NETHERLANDS - Pensioenfonds Zorg en Welzijn (PFZW) reported a loss on investments in the second quarter of 1.2% and a drop in its coverage ratio of ten percentage points.
US - New Mexico has appointed JP Morgan to provide custody and securities services for more than US$40bn managed by its four state agencies.
ITALY - State Street Corp. has completed its €1.28bn (US$1.6bn) cash purchase of Intesa Sanpaolo's Securities Services business (ISPSS), including the firm's custody and fund administration units.
Taylor Wimpey has appointed Northern Trust to provide global custody, investment accounting and performance measurement for £1.3bn of its pension fund assets.
BNY Mellon has been ranked as the top global custodian by UK pension funds, latest R&M Surveys research reveals.
ITALY - Italy's largest pension fund Fondo Cometa has appointed BNP Paribas as its new custodian for its €5bn (US$6.8bn) portfolio.