The £4.2bn North East Scotland Pension Fund (NESPF) has appointed HSBC Securities Services as its custodian, replacing BNP Paribas.
The fund, which is part of the Local Government Pension Scheme, has 64,000 members, and HSBC will also provide investment accounting, investment reporting and performance services, securities lending and compliance monitoring.
The NESPF provides defined benefit provision for employees and elected councillors of Aberdeen City Council, Aberdeenshire Council, Moray Council, and 50 other public or charitable bodies in the region.
HSBC Securities Services head of UK sales Dale Grieve said: "HSBC has been a long-term supporter of LGPS and is fully committed to providing ongoing support to UK pension funds in what is an increasingly challenging environment. We are delighted to be working with NESPF and look forward to supporting its ongoing requirements."
At the scheme's most recent triennial valuation, dated 31 March 2014, it had a £191m actuarial deficit with liabilities and assets totalling £3bn and £2.8bn, and a funding level of 94%.
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