ABN AMRO Mellon Global Securities Services says it has secured a custody, investment accounting and securities lending mandate from the Clwyd Pension Fund, a local authority pension fund in Wales with assets worth 450 illion.
The Clwyd pension fund was previously a client of Deutsche GSS, so this business falls into the category of the 5 per cent of GSS business State Street says it expects to lose during the post-acquisition transition. Like other clients of Deutsche GSS, the fund was concerned about the commitment of the German bank before the sale to State Street. It is also understood that State Street did not bid for the Clywd business when Deutsche won the mandate three years ago.
“We adopted a rigorous selection process and are confident that they will provide a wide range of value added services and value for money,” says a spokesman for Flintshire County Council, the lead authority for the Clwyd Pension Fund.
“We are placing significant priority on the County Council market segment, as part of our strategy for continued controlled growth,” says Nadine Chakar, CEO of ABN AMRO Mellon. “This latest success further evidences sustained progress in a key strategic market for ABN AMRO Mellon. Flintshire County Council required a provider able to demonstrate a long-term commitment to the custody business. ABN AMRO Mellon stood out as the provider of choice, as our sole business activity is to provide global custody and value-added services.”