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...
'Not appropriate to comment'
Proposals for mandatory tendering of fiduciary management services, as well as additional guidance for trustees, have been welcomed by industry commentators albeit with some caution.
Sterling has fallen on the back of inflation figures released this morning, which show the UK Consumer Price Index (CPI) remained steady at 2.4% in June.
John Wotton says the competition watchdog's package of proposals will help trustees get the best deal and be satisfied they are acting in their members' best interests