Derbyshire County Council Appoints ABN AMRO Mellon As Global Custodian Of Its £1.45bn Pension Fund

ABN AMRO Mellon has been appointed global custodian of Derbyshire County Council's £1.45bn pension fund, comprising four separate portfolios. ABN AMRO Mellon will provide custody and cash management services. Since 2001 ABN AMRO Mellon has managed the custody of the

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ABN AMRO Mellon has been appointed global custodian of Derbyshire County Council’s £1.45bn pension fund, comprising four separate portfolios. ABN AMRO Mellon will provide custody and cash management services.

Since 2001 ABN AMRO Mellon has managed the custody of the council’s US portfolio. The three remaining portfolios consist of European Equities, UK Equities and European Bonds, the latter two managed by the council.

When UBS Asset Management, the manager and custodian of Derbyshire County Council’s European equity portfolio announced its withdrawal in September 2004 from the custody business, Derbyshire decided to consolidate all of its portfolios with a single global custodian. An open tender was issued, with the shortlist including two other global custodians. Based on ABN AMRO Mellon’s RFP and its management of the US portfolio, ABN AMRO Mellon was awarded the full mandate. The conversion date for the transfer of assets from other managers is 24 March.

Commenting on the appointment, Councillor Geoff Carlile, Chairman of Derbyshire County Council’s Investment Committee, said, “We have been working successfully with ABN AMRO Mellon’s team on our US portfolio since 2001. We’re confident that our future work together will be equally successful and look forward to receiving the same quality of service on the rest of our portfolio.”

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