UK - The £9.6bn (€14.1bn) Strathclyde pension fund is looking for a custodian.

The fund is re-tendering for custodial services including securities lending services, performance measurement and asset safekeeping as Northern Trust's five-year contract is coming to an end.

David Crum, the fund's chief pension officer, also confirmed to IPE a specialist private equity legal adviser and transition managers has been appointed following tenders last November.

Pinsent Mason was chosen to advice the fund on legal issues regarding its private equity portfolio, which is set to grow in terms of asset allocation from 2% to 5% over the next years.

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

Lehman Brothers and Legal & General were named as transition managers for the pension fund of Glasgow City Council.