The Bank of New York (‘BNY’) announced today that it was appointed by Kimberly Clark Ltd as global custodian to the firm’s UK pension fund. BNY will provide several services to the 365 million fund, including investment accounting and global custody. BNY was appointed after a competitive tendering process in which Watson Wyatt acted as consultant.
Benjie Fraser, Managing Director, Pension Sector, BNY, said, “We are delighted to have been appointed by Kimberly Clark. This appointment demonstrates the success of the sector-specific approach upon which our market leadership is based.”
BNY claims to service a quarter of UK pension fund assets. “BNY’s range of integrated fund accounting, compliance monitoring and cash management services are specifically designed to meet the needs of the pensions industry,” says the bank. “Delivery and service are fully supported by highly trained sector-specialist client service teams.”