UK – The roughly £1bn (€1.4bn) Wiltshire County Council pension fund is tendering for a new global custodian.
Northern Trust - scheme custodian for the past six years – will be permitted to reapply for the mandate.
According to scheme spokesperson David Broome, “This is a normal review of an open-ended contract. The existing contract is six years old.”
He continued: “There is not an absolute point at which we enter a review process. Given that the existing contract is open-ended anyway, we decided now would be time.”
According to Broome, between three and five candidates will be short-listed. “I think we’ll probably be taking two to due diligence,” said Broome.
A decision has yet to be reached on the time frame of the new brief. Broome told IPE: “I suspect it’s going to be three years with the option to extend to five, but that is not a final decision yet.”
Broome told IPE: “The new brief will again be open-ended, but we believe that five years is a realistic timescale for a contract of this nature.”
According to the contract notice, the mandate will be awarded to the most economically advantageous tender.
The roughly 37,000-member scheme hopes to appoint a custodian between the end of November and beginning of December in 2006
Consultant firm Thomas Murray will advise in the tendering and selection process, an official told IPE.
The closing date is August 4.