RBS wins Centrica deal

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."

Have your say

You must sign in to make a comment


Your first step in manager selection...

IPE Quest is a manager search facility that connects institutional investors and asset managers.

  • QN-2496

    Asset class: Commodities.
    Asset region: World.
    Size: CHF 100 – 150 m.
    Closing date: 2018-12-12.

  • QN-2498

    Asset class: Fixed Income Investment Grade.
    Asset region: Global Developed Markets.
    Size: $50m.
    Closing date: 2019-01-07.

  • DS-2499

    Closing date: 2019-01-02.

Begin Your Search Here