ABN AMRO Mellon gets £2.7bn Marconi fund custody

UK – ABN AMRO Mellon (AAM) has won a £2.7bn (€4.3bn) global custody and investment accounting mandate from Stanhope Pension Trust, the investment management arm of telecommunications giant, Marconi’s UK pension fund.

The win, specifically relating to the GEC 1972 Plan, sees AAM replace the Bank of New York, Banker’s Trust and State Street as the fund’s custodians from October and comes in a year in which AAM has secured other major custody wins at ABP in the Netherlands (€50bn), and Hertfordshire County Council in the UK (€2.2bn).

Under the terms of the mandate, AAM will provide consolidated reporting across the pension fund’s assets.

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