W. Sussex tenders custody mandate
UK – The southern English county council of West Sussex has tendered a mandate for a global custodian for its 710 million pound (1.03 billion euro) pension fund.
The fund is managed on an active balanced basis, divided equally between UBS Global Asset Management and Baillie Gifford. Global custody for the part of the fund managed by Baillie Gifford is currently provided by Deutsche Bank, and this mandate is being put up for immediate tender. Edinburgh-based Baillie Gifford replaced Deutsche Asset Management as a manager in December.
UBS acts as custodian for its portion of the fund, although the global custody mandate may eventually be extended to cover the entire fund, said a spokeswoman at the council.
The deadline for applications is April 24.