ABN AMRO Mellon Global Securities Services has won another local authority pension fund custody mandate in the UK. Lancashire County Council has appointed the bank to provide global custody and related services for a £2.4 Billion (€3.6 Billion) portfolio of assets.
Lancashire County Council has one of the largest local authority pension funds in the UK. It used Mercer Investment Consulting, Lancashire to choose ABN AMRO Mellon as its first-ever Global Custodian.
“This is a crucial time for our pension fund and we are confident that moving to a single global custodian is a positive move, which will set the fund up with solid foundations for a successful future ,” says Mark Bennett, Principal Accountant of Lancashire County Council. “ABN AMRO Mellon offered flexible access to the full range of services we need, with excellent technology, at good value for money.”
The Dutch-American bank will provide global custody, investment accounting and securities lending services, plus Russell/Mellon’s performance measurement and investment monitor services.