UK - The Bank of New York has been appointed global custodian for the pooled assets of the £230m ICI Specialty Chemicals Pension Fund.
ICI selected The Bank of New York as custodian because of the bank's “superior accounting service” and industry-leading “custody capabilities”.
ICI also cited the bank's strategic commitment to further strengthen its market leadership by establishing new custody relationships.
Benjie Fraser (pictured), managing director at the Bank of New York, said, “Our appointment by an ICI-group pension fund, a big name in this sector, is testimony to the strength of our global custody offering.”
Fraser added: “We are continually investing in new products and better technology to enable us to provide tailored products and services that meet the specific needs of each of our clients.”
Earlier this month, the £7bn ICI UK Pension Fund deficit saw its 2005 funding shortfall rise £27m to £470m.
In its latest actuarial report, the firm claimed the pension fund deficits could also rise by 50% because of increasing longevity of its members.
ICI said that after having taken account of adjustments to the “financial assumptions and actual mortality experience”, an increase to the allowance for future improvements in longevity was appropriate.
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