West Sussex taps State Street for custody
UK – The 749 million-pound (1.1 billion-euro) West Sussex Pension Fund has appointed State Street as custodian and re-appointed Cushman & Wakefield Healey & Baker as property manager.
Cushman & Wakefield Healey & Baker has been re-appointed to run a 62.6 million-pound (91.76 million-euro) direct property portfolio. The mandate was put out to tender in May in order to “test the market”. Cushman & Wakefield Healey & Baker had been running the fund since 1980.
The fund also appointed a new custodian. State Street will provide global custody services for the part of the fund managed by Baillie Gifford (355 million pounds – 520 million euros). Deutsche Bank was previously custodian for this portion.
The fund is managed on an active balanced basis, divided equally between UBS Global Asset Management and Baillie Gifford. UBS acts as custodian for its portion of the fund, although State Street’s contract may eventually be extended to cover the entire fund.