Sections

Citigroup wins Lothian mandate

The Lothian Pension Fund (LPF) has awarded a £1.3bn (€1.9bn) global custody mandate to Citigroup’s Global Transaction Services (GTS) – resulting in a loss for the incumbent Bank of New York.
According to a spokesperson for the £2bn Edinburgh-based fund, the Bank of New York had the mandate for five years. The bank declined to comment on the loss. Lothian advised itself regarding the custody change, and it involved a tendering process.
“We were particularly impressed by Citigroup’s cost effective and secure solutions to our custody and related services needs,” says an LPF spokesperson.
GTS will now take over the custody handling and stock lending services for all LPF assets excluding UK equities, which are currently administered by an in-house team. According to a Citigroup spokesperson, the assets are based across the globe in major and emerging markets.
“We are delighted to have been selected by Lothian Pension Fund,” says Mark Kelley, managing director and head of fund services for GTS in Europe. “We look forward to working with LPF and delivering on our service commitments.”
Administered by the City of Edinburgh Council, and part of the Local Government Pension Scheme, the LPF is a funded statutory DB scheme. It has 62,000 members, 20,000 pensioners and provides pension benefits to more than 120 employers.

Have your say

You must sign in to make a comment

IPE QUEST

Your first step in manager selection...

IPE Quest is a manager search facility that connects institutional investors and asset managers.

  • QN-2467

    Asset class: Search for a broker (mainly ETFs).
    Asset region: Global.
    Size: 250m.
    Closing date: 2018-08-28.

  • DS-2468

    Closing date: 2018-08-24.

  • QN-2469

    Asset class: All/Large Cap Equities.
    Asset region: Global Emerging Markets.
    Size: USD 500m.
    Closing date: 2018-09-04.

Begin Your Search Here