SEARCHES & HIRINGS
AMP Asset Management PLC, London, hired Midland Bank to provide custody for 12.8 billion ($20.2 billion) in U.K. securities. The hiring affects only securities held by AMP's internal clients, which include Pearl, London Life and AMP (UK).
The money manager sought an external custodian because the service is outside of its core business, Ray Greenshields, managing director, said in a statement.
The expected additional costs of converting next year to CREST, the Bank of England's electronic settlement system, precipitated the move to an external custodian, he added.
Risk Capital Reinsurance Co., Greenwich, Conn., hired Putnam Institutional Management to manage $300 million of insurance assets in bonds and short-term instruments, said Debbie O'Connor, senior vice president and controller for Risk Capital.
No other manager hirings are expected, she added.