West Sussex taps State Street for custody

Related Categories

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.

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-2503

    Asset class: Equities.
    Asset region: Emerging Markets.
    Size: EUR 30m.
    Closing date: 2019-01-31.

  • QN-2505

    Asset class: Real Estate Core/Core-Plus Multi-sector strategy.
    Asset region: Asia-Pacific.
    Size: $ 50m.
    Closing date: 2019-01-28.

  • QN-2506

    Asset class: Currency Overlay.
    Asset region: Global.
    Size: USD 4 bn..
    Closing date: 2019-02-11.

Begin Your Search Here