UK - The £1.1bn East Sussex County Council Pension Fund has interviewed three candidates so far for its global custodian brief and will review its investment managers within the next 12 months.
Northern Trust, ABN Amro/Mellon and Deutsche Bank have been interviewed so far for the custody slot and Bank of New York will be seen in two week’s time. Pension fund accountant John Shepherd would not be drawn on assessments of the short-listed so far.
The scheme’s panel meets on May 7 to discuss the appointment which it hopes to have in place by June 1. Shepherd said he would be speaking to contacts at other local authority schemes for their assessments of the candidates. He said he was aware Deutsche already had two other local authority custody briefs under its belt.
Other local authority schemes such as the pension fund for the £580 Highland Council, the £240m Royal Borough of Kensington and Chelsea Superannuation Fund and the £750m Cambridgeshire County Council are also on the verge of hiring global custodians. Last month Northern Trust was appointed global custodian of the £900m Dundee City Council Superannuation Fund.
Shepherd added that the scheme is currently awaiting the results of its three-yearly actuarial review. He said an ALS would follow and, by necessity, a review of investment managers.
Deutsche Asset Management, Gartmore Investment Management, Phillips & Drew and Prudential M&G are the fund’s current investment managers. Hymans Robertson acts as actuary and investment consultant
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