UK – The 450 million-pound (638 million-euro) Clywd Pension Fund has awarded a custody mandate to ABN Amro Mellon, resulting in a loss for incumbent State Street.
“ABN Amro Mellon Global Securities Services has been awarded the mandate to provide custody, investment accounting and securities lending for the Clywd Pension Fund, which accounts for 450 million pounds in assets,” said the provider in a statement.
Clywd had previously used Deutsche Bank’s Global Securities Services arm, which was bought by Boston-based State Street for 1.5 billion dollars earlier this year.
Jim Pratt, funds manager at Flintshire County Council, which is the lead authority of the fund, said the mandate was “due for renewal anyway” and that around six providers, including State Street and Northern Trust, had applied. Pratt cited ABN Amro Mellon’s software system as one of the reasons it was chosen.
“We are placing significant priority on the county council market segment, as part of our strategy for continued controlled growth,” said ABN Amro Mellon chief executive Nadine Chakar said. “This latest success further evidences sustained progress in a key strategic market for ABN AMRO Mellon."
ABN Amro Mellon is 50-50 owned by Dutch bank ABN Amro and US-based Mellon Financial Corp.