The 1.3 billion Avon Local Authority Pension Fund in the United Kingdom has appointed ABN AMRO Mellon Global Securities Services as global custodian of its segregated assets. The appointment follows a competitive tender. Avon was previously with HSBC Global Investor Services.
Avon Pension Fund is the local government pension scheme for the Avon area, administered by Bath and North East Somerset Council. Advised by Mercer Investment Consulting, Avon undertook a thorough review of its custodial arrangements before handing ABN AMRO Mellon the contract to provide core custody services, effective from April 2004.
“ABN AMRO Mellon ranked highly on the key criteria of value for money and service commitment”, says Tony Worth, Avon Pension Fund Investments Officer. “The Avon Pension Fund now looks forward to developing a productive long-term relationship with one of the major players in the field of global custody.”
Nadine Chakar, CEO of ABN AMRO Mellon added, “With this announcement, I am pleased to be able to underline ABN AMRO Mellon’s commitment to the UK local authority sector. Avon is a welcomed addition to this significant and growing client segment for our group. We are delighted to be working with Avon and look forward to a successful relationship with them.”