Environment Agency Pension Fund, Bristol, England, is searching for a provider of administration and custody services on behalf of members of the Brunel Pension Partnership.
A notice filed with U.K. procurement website BravoSolution said the £2.7 billion ($3.5 billion) pension fund and the nine other members of the partnership were searching for a provider to enter into one administration services contract with Brunel Pension Partnership, and 10 custody contracts with each of the pension funds individually.
The administration services contract will last for an initial five-year period, with an extension of up to five years. This is the first administrator contract for the partnership, said Dawn Turner, interim managing director at Brunel Pension Partnership. The custody contracts will have different contract start dates, the notice said. Across the 10 pension funds that will be taking up the single custodian provider, four are with BNY Mellon, three with Northern Trust, one with BNP Paribas, one with J.P. Morgan Chase, and one with HSBC and Pictet, said Ms. Turner.
The Brunel Pension Partnership was set up in response to the U.K. government’s announcement that it wanted the 89 local government pension scheme funds to pool their investments.
The search is being conducted on behalf of the Avon Pension Fund, Bristol; Buckinghamshire County Council Pension Fund, Aylesbury; Cornwall Pension Fund, Truro; Devon County Council Pension Fund, Exeter; Dorset County Pension Fund, Dorchester; Gloucestershire County Council Pension Fund, Gloucester; Oxfordshire Pension Fund, Oxford; Somerset County Council Pension Fund, Taunton; and Wiltshire Pension Fund, Trowbridge. Assets in the pool total about £23 billion.
Proposals are due June 5, and further details are available on BravoSolution’s website. Registration is required.