UK – The £750m (€1,199m) Cumbria County Council Pension Fund has appointed Deutsche Bank as global custody services provider for the scheme’s assets.

The appointment follows Cumbria’s transition to a specialist fund management structure and its decision to consolidate its custody relationship with one provider.

Deutsche already provides performance measurement services to Cumbria through its subsidiary, the WM Company.

Says Alasdair Reid, director of pension fund customer management for UK and Scandinavia at Deutsche Bank Global Securities Services: “There was strong opposition in tendering for this appointment and we are delighted with the outcome.”