UK - The £430m Northumberland County Council Pension Fund has dropped Bank of New York (BoNY) and Schroder Investment Management (SIM) as its custodians.
Northern Trust bagged the mandate following a review of the entire fund, officially initiated in May.
Clare Gorman, senior accountant, said that BoNY and SIM were the preferred custodians of the fund’s investment managers and Northumberland wanted one global custodian. She added that Northern Trust’s sole appointment signalled the fund’s overall changing structure.
Northumberland is also on the verge of appointing a manager to oversee a £240m passive equity brief (global with UK bias).
Other mandates currently being contended for include an active UK equities brief (£65m); an active non-UK equities portfolio (£65m), and an active fixed-income mandate (£43m).
Five undisclosed managers have been shortlisted for each portfolio. One of the incumbent managers Merrill Lynch - Schroders Investment Management being the other - is being reconsidered for a brief, added Gorman.
Watson Wyatt is advising.
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