Electrocomponents' £180m UK based Pension Scheme will announce its decision on who will be its new global custodian on April 26.
According to Paul Fuller, group benefits manager at the pension fund, one candidate out of the three shortlisted has already been chosen. However, the winner will not be officially named until the end of April, when the Electrocomponents board meets to give its approval.
The shortlisted candidates are Deutsche Bank Global Institutional Services, Northern Trust and the Bank of New York. Currently, global custody services for one third of the funds assets are provided by Deutsche Bank GIS.
Following a William M Mercer study the fund decided to reduce administrative complexity by appointing a single global custodian as part of its move from balanced to specialist management. Fuller added that the move to specialist management would include the appointment of three asset managers.
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