UK - The UK-based Diageo Pension Scheme has re-appointed The Bank of New York (BNY) to act as global custodian for its fund, valued at £3.6bn (e6bn). Six custodians were involved in the lengthy bidding process in which consultant Bacon & Woodrow advised the fund. BNY will provide a range of services including core custody, electronic delivery of consolidated reporting and cash management services.
The Bank of New York, which has been the custodian for the Diageo scheme since the bank's acquisition of RBS Trust Bank, the custody business of the Royal Bank of Scotland, in November 1999, has US$6.9tn (e8tn) in assets under administration.
In a separate move BNY Clearing Services, a subsidiary of the Bank of New York, has acquired the correspondent clearing business of Schroder & Co from Salomon Smith Barney.