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Buckinghamshire reviews Bank of New York

UK - The £1bn (€1.4bn) Buckinghamshire County Council Pension Fund is reviewing the Bank of New York as its custodian, it appeared today.

In a contract notice put out today, the council seeks "provision of custody, accounting and asset administration services for the county council pension fund."

The fund's spokeswoman Julie Edwards declined to comment.

Nonetheless, Mercer Investment Consulting, the scheme's adviser, said that the move is part of a usual periodical review, as the Bank of New York has come to the end of its thee-year contract with the fund; however, the bank can re-tender.

According to the consultant, the fund expects to appoint a new custodian from April next year for the three-year contract, with a possible two-year extension.

The time limit for receipt of tenders or requests to participate is December 18.

Elsewhere, the £8.8bn (€12.3bn) Strathclyde pension fund seeks a specialist private equity legal adviser to guide and advice the fund in growing its portfolio in the asset class from 2% to 5%.

The Scottish scheme said it would like specialist guidance in the marketplace and advice on the legal paperwork for current and future contracts, as the in-house team is not specialised in private equity.

Strathclyde has committed £270m to Pantheon Ventures and £200m to Partners Group for global private equity fund of funds.

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