The £1.1bn (e1.7bn) Leicestershire County Council pension fund has appointed Bank of New York as its global custodian.
Colin Pratt, investment manager at the council, says one of the major selection reasons was BoNY’s clear commitment to remaining a major player in a consolidating industry.
“The Bank of New York’s obvious commitment to the business, combined with their expertise and understanding of our needs will assist the fund in the ongoing provison of benefit to our members.”
Royal Bank of Scotland was the fund’s former custodian.