UK - The £860m West Sussex County Council Pension Fund is seeking a global custodian to take responsibility for around £710m of its assets.
The scheme is currently reviewing its custody arrangements and wants a global custodian for the assets that are managed on an active basis by its two balanced managers, UBS Global Asset Management and Baillie Gifford.
The five-year contract will cover the £335m managed by Baillie Gifford and is likely to extend to covering UBS Global, which also has a £335m mandate.
The remainder of the scheme’s assets – which are invested in private equity and directly-owned property – will not be covered by the contract.The deadline for expressions of interest is April 10.
Most respondents in this week's Pensions Buzz do not think businesses should be able suspend AE contributions if in financial distress.
Former BHS owner Dominic Chappell has lost the appeal against his section 72 conviction and sentence for failing to hand over information to The Pensions Regulator (TPR).
This week's top stories include Marsh and McLennan Companies agreeing to buy JLT, and the home secretary calling for AE to be scrapped in a no-deal Brexit scenario.
Lesley Titcomb says the watchdog wants closer interactions with pension funds to spot problems sooner and act before having to use its more stringent powers