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Midland retains Philips business

Midland Securities Services (MSS) has been reappointed to the custodianship of the £1.8bn Philips Electronics UK pension fund, after trustees expressed their satisfaction at the services provided to date. Following an extremely thorough" review of seven other custodians, according to Phillip Carter, financial controller at Philips, MSS came out on top and will continue to carry out the banking, custody and audits for the fund. Bacon & Woodrow acted as consultants to the review."

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