UK - Derbyshire County Council has appointed ABN AMRO Mellon as the sole global custodian for its £1.45bn pension fund, comprising four separate portfolios.
ABN AMRO has managed the custody of the fund’s US portfolio since 2001. UBS Asset Management previously managed the council’s European equity portfolio, with the remaining UK equities and European bonds portfolios managed in-house.
Derbyshire decided to consolidate the four portfolios with a single global custodian after UBS announced its withdrawal from the custody business in September last year.
Following a tender process, ABN AMRO was awarded the full mandate for custody and cash management services, effective March 24.
“We have been working successfully with ABN AMRO Mellon’s team on our US portfolio since 2001,” said Geoff Carlile, chairman of Derbyshire County Council’s investment committee.
“We’re confident that our future work together will be equally successful and look forward to receiving the same quality of service on the rest of our portfolio.”
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