UK - The London Borough of Enfield is reviewing the custody arrangements for its £550m (€700m) pension fund.

A tender notice reveals the local authority pension fund is looking for the full global custodian service - including securities lending, transaction cost monitoring and performance measurement - for a four-year period (tender adjustment issued on Jan 30 states the period is four, not five years, as earlier suggested).

Interested parties will also be required to provide a global custody service supporting "a multi-manager investment structure covering the major asset classes of equities, bonds, property, private equity and currency" said the contract notice.

Its current incumbents are State Street Bank and UBS Global Asset Management, so it is unclear which mandate this cover should either firm be replaced.

Paul Reddaway, head of treasury and pensions at Enfield told IPE in December the fund was also thinking of diversifying its real estate holdings across Europe in light of market conditions. (See earlier IPE story: Enfield mulls real estate update)

Submissions deadlines for this latest custody mandate is March 10, 2008.