Middlesbrough Borough Council has appointed BNP Paribas Securities Services as global custodian for the 2.5 billion Teeside pension fund.
The previous custodian was Northern Trust.
BNP Paribas was mandated to provide core services, including master record keeping and safekeeping, dividend income collection, settlement, corporate actions processing, tax reclamation, FX and proxy voting. Additionally, BNP Paribas may be required to provide securities lending, performance measurement and ulti-currency accounting.
Middlesborough received six offers for its global custody tender.
(JDC)