SCOTLAND - The £580m Highland Council Pension Fund is tendering for a global custodian.
Currently the Inverness-based local authority fund uses the preferred custodians of its investment managers Rothschild Asset Management and Baillie Gifford - Rothschild and (Chase Manhattan as sub-custodians), and Bank of New York respectively.
Treasury management officer Roger Niven said that the review was in line with the recent industry trend towards using a sole provider.
The deadline for applications is October 29, 2001. The final date for the dispatch of tenders is November 6, 2001.
Niven added that the fund hopes to shortlist by January and aims to have the new arrangement in place by April 2002.
The fund is being advised by Hymans Robertson.
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