SCOTLAND - The £6bn Strathclyde Pension Funds has released details of a global custodian and related services tender, first flagged up on IPN in June.
Strathclyde is reviewing its custody arrangements, including stock lending, portfolio analysis, mandate compliance monitoring, foreign exchange, cash management and transaction cost analysis. The scheme will also look for performance measurers; at present it uses WM Company.
Strathclyde said it may invite individual and/or joint bids for custody services and separate bids from non-custodians for related services. The deadline for rfps is October 7, 2002. Shortlisted managers will be invited to tender during October, 2002. The contract will be for 5 years, starting March 2003.
Currently, Northern Trust provides custody, cash management and securities lending services. The tender has been prompted by the contract reaching its expiry date next month.
Strathclyde is also conducting an actuarial valuation conducted by Hyman Robertson which is likely to be followed by an asset liability study during 1H 2003.
The Strathclyde fund is administered by Glasgow City Council funds and consists of one major pension fund, an additional pension fund and sundry investment funds associated with the council's reserves.
PSolve, London, advises.
The Pensions and Lifetime Savings Association (PLSA) is in the process of convening an industry-wide group to take forward the work of the Institutional Disclosure Working Group (IDWG).
The Transfers and Re-registration Industry Group (TRIG) has given its support to an initiative which aims to complete occupational pension transfers within three weeks.
Scottish Widows has completed a bulk annuity deal for the Hitachi UK Limited Pension Scheme.