ABN AMRO Mellon has been appointed by Cambridgeshire County Council Pension Fund to act as global custodian to 1.2 billion worth of assets. The bank will provide investment accounting (SORP) and securities lending services as well as global custody.
Cambridgeshire County Council used London-based custody consultants Thomas Murray to conduct a formal review of their providers.
Following an initial presentation in Cambridge in August 2006, Cambridgeshire County Council officials completed a due diligence test at the Mellon offices in London in September.
“We were very impressed by ABN AMRO Mellons extensive Accounting reporting suite of reports,” says John Hopwood, Chief Loans & Investment Manager at Cambridgeshire County Council. “The level of enthusiasm and expertise displayed by the ABN AMRO Mellon team was another major factor in our decision.”
Nadine Chakar, CEO of ABN AMRO Mellon, noted that the bank has had a run of siuccess with UK local authority pension funds. She attributes it to “our creative and flexible approach” and “efficiency, transparency and service quality.”