UK - The London Borough of Haringey Superannuation Fund is on the verge of hiring a global custodian.
The £440m local authority fund is expected to finalise the appointment by the end of the week.
Currently, Haringey uses the preferred custodians of its investment managers - Capital International, Merrill Lynch Investment Managers and Rothschild Asset Management.
Haringey joins a host of other local authority pension funds which have shifted from using a multi-provider arrangement to a master custodian. Last year the pension funds for the £580 Highland Council, the £750m Cambridgeshire County Council, and the £1bn East Sussex Council all reviewed their custodian arrangements, and are expecting appointments during 1H.
Dundee County Council became the latest pension fund to appoint a sole provider, dumping Bank of New York, Deutsche Bank and Schroder Investment Management in favour of Northern Trust.
By Madhu Kalia
Most respondents in this week's Pensions Buzz do not think businesses should be able suspend AE contributions if in financial distress.
Former BHS owner Dominic Chappell has lost the appeal against his section 72 conviction and sentence for failing to hand over information to The Pensions Regulator (TPR).
This week's top stories include Marsh and McLennan Companies agreeing to buy JLT, and the home secretary calling for AE to be scrapped in a no-deal Brexit scenario.
Lesley Titcomb says the watchdog wants closer interactions with pension funds to spot problems sooner and act before having to use its more stringent powers