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HSBC UK custody mandates under review

UK – HSBC Global Investor Services has seen two of its global custody mandates for UK local authority pension funds being re-tendered.

Lincolnshire County Council is re-tendering its mandate for a global custodian for the 619 million pound (895 million euro) pension fund. The assets are divided between UK equities (207 million pounds), overseas equities (167 million pounds), fixed income (100 million pounds) and currencies (45 million pounds).

Applications must be received by September 5.

Bath and North Somerset Council has also announced plans to tender a mandate for a global custodian for the 1.25 billion pound (1.8 billion euro) Avon pension fund, currently being serviced by HSBC Global Investor Services.

A spokeswoman for the fund said that the mandate will be announced within the next two months, with the contract taking effect in April 2004.

Both mandates are a result of reviews, and HSBC GIS is expected to re-apply.

HSBC Global Investor Services has 1.08 trillion euros in assets under custody worldwide.

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