Teesside Pension Fund picks BNP Paribas for global custody

Teesside Pension Fund, Middlesbrough, England, hired BNP Paribas Securities Services for global custody, said Paul Campbell, head of investments at the £2.5 billion ($4 billion) pension fund.

The mandate could be expanded later to include securities lending, portfolio monitoring and performance reporting.

Incumbent Northern Trust rebid. No consultant was used in the search, which began in May.