The Merseyside Pension Fund (MPF) has appointed The Bank of New York (BoNY) as global custodian for the securities portion of its £2.4bn ($4bn) portfolio.

BoNY clinched the mandate after MPF decided incumbents Morgan Stanley should be put through the tender process after inheriting the custody brief when Barclays withdrew from the custody market in 1997.

Simon Edwards, chief investment officer at MPF, says: After inviting tenders from six of the main custodians we felt BoNY provided the best global service and understood our requirements of quality, scale and expertise."

The tender process was carried out in-house and the predominately UK and overseas equity portfolio of MPF is also managed in-house."

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