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
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