The £600m Falkirk County Council Pension Fund has appointed Northern Trust as its custodian.
The fund chose six potential candidates for a shortlist. Treasury manager Alastair Redpath explained that the tender for a custodian was spurred by the appointment of Capital International to manage a £125m equities mandate, which is equally split between UK equities and international equities.
“Capital International had an in-house custodian but we thought it would be better to appoint a master custodian as it would be more cost effective,” he said.
The Falkirk County Council Pension Fund is invested in UK equities (50%), overseas equities (25%) with the remaining 25% in property and gilts. The fund is advised by Hymans Robertson.
By Janet Du Chenne
Jonathan Stapleton asks whether newly-accredited professional trustees should be a statutory fixture on pension scheme boards.
Savers are being warned by the Insolvency Service to guard their pension pots from investment scammers and negligent trustees as it winds up 24 companies.
Respondents say they should only be required in certain situations as the system is not broken.