UK - The Teesside Pension Fund has announced it is seeking applications for a global custodian.
The fund has valued the contract at £120,000 per year, and has changed the length of the contract from the usual three years to four years, with the option of a fifth.
The £1.7bn fund is run by Middleborough Council and is looking for the provision of global custody services including custody, settlement, income collection, corporate action processing and tax reclamation. The custodian is currently Northern Trust
A spokesperson for the fund said: “We are not dissatisfied with Northern Trust as the global custodian; it is a routine review that has to take place every 3 years.”
Deadline for applications is 21 May 2007.
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