UK - Middlesbrough Borough Council (MBC) has re-awarded the global custody mandate for its pension fund to Northern Trust. There were a total of five bids for the contract.
Speaking to Global Pensions, Fred Green, MBC's chief investment officer, said the contract was put out for re-tendering as a matter of course. "We like to do this every three or four years to test the market and see what's out there," he said.
He added that the trustees were happy with Northern Trust's handling of the fund and saw no reason to change custodian.
The MBC fund is allocated roughly 75% equities (of which 40% is invested in UK equities) and 8% bonds, with the remainder in properties and cash.
Green said it was "impossible to quantify" sub-prime related losses as a result of its heavy bias towards equities, but said the performance of some of the underlying assets had under-performed as a result of the global economic downturn. However, he said this had not posed a significant problem to the fund.
Ex-BHS owner Dominic Chappell has been ordered to pay a total of £87,000 in fines and court costs after he was found guilty of failing to provide The Pensions Regulator (TPR) with information.
The Department for Work and Pensions (DWP) has said it while believes in the benefits of consolidating defined benefit (DB) schemes, there are significant issues to overcome.
There is just one week left to register to enter the Workplace Savings and Benefits Awards 2018.
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