HSBC Securities Services (HSS) has been appointed the global custodian for the £4.2 billion North East Scotland Pension Fund (NESPF).
The mandate will also include related services such as investor accounting, investment reporting and performance services, securities lending and compliance monitoring.
The pension fund is a member of the Local Government Pension Scheme (LGPS) and is one of the largest schemes in Scotland.
“HSBC has been a long-term supporter of LGPS and is fully committed to providing ongoing support to UK pension funds in what is an increasingly challenging environment,” said Dale Grieve, head of UK sales, HSS.
HSBC was one of the first custodians to win contracts under the LGPS Framework for Global Custody Services in 2014, with the Norfolk, Suffolk and Hackney Pension Funds onboarding the bank for its £5.2 billion combined assets.
Northern Trust holds the custody mandates for some of the UK’s largest LGPS schemes, including the £46 billion Northern Pool pension fund group which it signed on earlier this year.