UK – The £1bn (€1.6bn) Cambridgeshire County Council Pension Scheme has appointed Deutsche Bank as global custodian for its assets. The mandate was awarded following a formal tender process. There is no outgoing global custodian as the appointment is for a new position in line with the pension fund’s strategy to consolidate its custody business.

Deutsche Bank is no stranger at the council, as it already acts as custodian to the Cambridgeshire County Council portfolio that is managed by Deutsche Asset Management, its securities lending business is used by the council and its subsidiary, the WM Company, provides the council with performance measurement services.

Says Mike Parsons, the scheme’s director of resources: “I believe there are many advantages to be gained form the appointment of a global custodian, and I look forward to the improvements in accounting and reporting which this appointment will provide.”

Deutsche Bank has €1.4trn in assets under custody.