UK - ABN AMRO Mellon Global Securities Services B.V. has replaced State Street as custodian to the £1.2bn Cambridgeshire County Council Pension Fund.
The mandate, which covers all of the pension fund's assets, to provide global custody, investment accounting (SORP) and securities lending solutions was awarded following a tender process during which ABN AMRO's bid was judged to be more "commercially competitive" than State Street's, according to a spokesperson for the fund.
John Hopwood, chief loans & investment manager at Cambridgeshire County Council, claimed the "enthusiasm and expertise" shown by the ABN AMRO Mellon team was "another major factor" in the decision.
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