RBS Trust Bank, the specialist in-vestor services subsidiary of The Royal Bank of Scotland has clinched the £500m ($810m) custody of the balanced funds in the £1bn Centrica pension scheme, formerly part of the demerged British Gas pension fund.
Rita Powell, group pensions manager at Centrica, said: RBS showed the independence and experience in custodianship and investment management support, alongside the consolidated level reporting skills we required."
The remaining £500m of passive investment will be in the custody of Midland Securities Services, which secured the mandate due to its current relationship with Centrica's passive managers Legal & General. Watson Wyatt acted as consultants.
RBS has also won a new custody mandate with Newton Investment Management, following the withdrawal of Bank of Scotland from the market. Newton have appointed RBS to manage a further £2.3bn of assets, comprising private clients, charities and institutional funds, to add to the £2bn already under custody."