UK - The £450m Flintshire County Council Clwyd Pension Fund is looking to hire a global custodian.
The scheme, which has used Deutsche Bank in this role since July 2001, did not divulge the reasons behind the tender.
Flintshire’s move follows State Street’s acquisition of Deutsche Bank’s global custody business for E2.2trn (£1.4bn).
As part of the deal, State Street also acquired Deutsche’s fund administration, securities lending, benefit payments business, its UK and US-based domestic custody units and the WM Company.
Flintshire has given February 19 as the deadline for submissions from interested parties.
After that it will shortlist candidates and perform on-site visits during April and May.
The final shortlist will then be interviewed by the scheme’s investment panel in June.
The winning firm’s contract will begin on July 1.
The People's Pension, Atlas Master Trust and The Cheviot Trust have been granted authorisation from The Pensions Regulator (TPR), taking the total number of authorised master trusts to 18.
Pension schemes have been warned they may now face a more challenging legal test if they wish to fix drafting errors.
The Greene King Pension Scheme has appointed XPS Pensions as its actuarial and investment adviser following a competitive tender process.
Professional Pensions has compiled a list charting the progress of master trust authorisation. View our list in full here...