The Global Securities Services division at Deutsche Bank has enlarged its relationship with the Cambridgeshire County Council Pension Scheme by adding the Euros 1.5 billion global custody mandate to the portfolio managed by Deutsche Asset Management, which it was already servicing. Cambridgeshire County Council also uses Deutsche’s securities lending services and the WM Company, a subsidiary of Deutsche Bank, for performance measurement services.
Cambridhgeshire was looking to consolidate its custody business with a single provider, and Deutsche will be relieved to have got the nod. Though the win is from an existing client, it did follow a formal tender process, and Deutsche had obviously done enough with the existing business to win the more demanding role as well. Judging by cautious welcome from Mike Parsons, County Council Director of Resources, the German bank has its work cut out. “I believe there are many advantages to be gained from the appointment of a global custodian,” he says, “and I look forward to the improvements in accounting and reporting which this appointment will provide.”
Alasdair Reid, Deutsche Bank’s Director of Pension Fund Customer Management for UK and Scandinavia, Global Securities Services, said, “We are custodian to a strong and growing list of UK pension schemes and are delighted to welcome Cambridgeshire County Council as our client”.