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LBSS extends custody services

Leading Swedish bank Nordbanken AB has appointed Lloyds Bank Securities Services (LBSS) to provide sub-custody services for its UK portfolio values at £110m ($175m).

The portfolio was previously handled by Barclays Securities Services, but the arrangements were reviewed when Barclays was taken over by Morgan Stanley.

LBSS has also been appointed to provide custody services to the £20m UK portfolio of the Newey Group Pension Fund. The funds of the UK group wer previously held by stockbrokers Albert E Sharp but a review of the services it provided highlighted the need for a specialist custodian.

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