The £550m Flintshire County Council Clwyd Pension Fund has appointed Deutsche Bank AG as its global custodian with effect from July 1, 2001.
The appointment follows a review of arrangements made by the fund's investment managers which had led to the fund having three custodians. The review recommended the appointment of one global custodian to ensure an integrated package of services.
The investment panel, led by county councillor Ted Evans, met on January 17 this year and considered a long list of companies. The panel met again on April 30 and agreed on a shortlist from which it appointed Deutsche.
The fund is advised by William M Mercer. By Janet Du Chenne
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