UK - Avon Pension Fund has appointed ABN AMRO Mellon Global Securities Services as global custodian of its segregated assets worth £1.3bn.
Avon Pension Fund is the local government pension scheme for the Avon area, administered by Bath & North East Somerset Council.
The fund, advised by Advised by Mercer Investment Consulting, undertook a thorough review of its custodial arrangements before awarding ABN AMRO Mellon the contract to provide core custody services, effective from April 2004.
Tony Worth, Avon Pension Fund investments officer said: “ABN AMRO Mellon ranked highly on the key criteria of value for money and service commitment.
Nadine Chakar, CEO of ABN AMRO Mellon added: “With this announcement, I am pleased to be able to underline ABN AMRO Mellon’s commitment to the UK local authority sector. Avon is a welcomed addition to this significant and growing client segment for our group. We are delighted to be working with Avon and look forward to a successful relationship with them.”
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