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£550m Enfield fund reappoints custodian

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  • £550m Enfield fund reappoints custodian

UK - The London Borough of Enfield has reappointed State Street to deliver custody and asset servicing for its £550m (€700m) pension fund.

Paul Reddaway, head of treasury and pensions at Enfield, confirmed to IPE today the fund had reappointed its custodian, which provides investment accounting, performance measurement and foreign exchange services as part of the mandate.

Additionally, the new mandate will see State street now provide the scheme with securities lending services.

Hewitt Associates aided the fund during the tender process announced in January this year. (See earlier IPE story: Enfield mulls real estate update)

State Street said in a statement this morning the fund transferred to State Street in 2003 as a result of the acquisition of Deutsche Bank's Global Securities Services business.

Elsewhere, Mercer has been appointed by Avon Rubber to provide outsourcing services for their £250m pension plan, covering both defined benefit and defined contribution members.

If you have any comments you would like to add to this or any other story, contact Carolyn Bandel on +44 (0)20 7261 4622 or email carolyn.bandel@ipe.com

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