UK - The £450m Flintshire County Council Clwyd Pension Fund has appointed ABN Amro Mellon as its global custodian.
The firm – selected from a shortlist of six – replaces Deutsche Bank, which had been the scheme’s custodian since July 2001.
State Street bought Deutsche’s custody business for £1.4bn last year, in a deal which included the firm’s fund administration, securities lending units as well as The WM Company.
The loss of the Flintshire mandate is the second State Street has suffered within the past month. The £1.6bn Scottish Power Pension Scheme dropped State Street as its global custodian and replaced it with Northern Trust.
State Street also lost its position as one of the six custodians to the £2bn Lancashire County Council Pension Fund, which is looking to hire a single global custodian.
Currently, Lancashire uses Citibank Global Securities Services, HSBC Asset Management, Legal & General Investment Management, JPMorgan Investor Services, Deutsche Bank and the Bank of New York.
The British Medical Association (BMA) has warned chancellor Philip Hammond to reform the NHS pension scheme rules or doctors will reduce their working hours.
The lifetime allowance should be scrapped and replaced with a lower annual allowance, last week's Pensions Buzz respondents said.
Action for Children Pension Fund has outsourced its pensions administration to Trafalgar House.