UK - The £189m Royal Borough of Kingston-upon-Thames Pension Fund is tendering for a global custodian.
Kingston is awaiting the results of the tender process before deciding whether to restrict the mandate to the £124m active assets managed by Gartmore. Gartmore, in response to the Myners’ review of institutional investment, has segregated its preferred custodian Bank of New York. Performance concerns were not cited.
The fund said that ideally it would have offered the brief to Philips & Drew - which holds a passive equity brief for the fund valued at just under 33% of assets - were it not for P&D’s policy not to outsource its custody services.
Friends, Ivory & Sime also holds 2% of the fund’s assets in unit trusts but does not fall into the review.
Deadline for applications is March 28. An appointment is expected in September.
The fund has also just completed an actuarial valuation in time for the end of the financial year and is awaiting the results.
Kingston is advised by Hymans Robertson.
By Madhu Kalia
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This week's edition of Professional Pensions is out now