Scotland's £932m Dundee City Council Tayside Superannuation Fund is tendering for a global custodian, to be appointed by year end.
The contract has no fixed duration.
At present custody services are handled by The Bank of New York, Deutsche Bank and Schroder Investment Management. According to the fund’s principal treasurer and investment officer, Sandy Flight, the move reflects the fund’s need to consolidate the service and ease administration.
He added that performance concerns were not an issue.
Deadline for applications is September 7, 2001.
The move is advised by Hymans Robertson.
By Madhu Kalia
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