The Strathclyde Pension Fund, Glasgow, is seeking bids for a global custodian to handle £4 billion ($6.8 billion) in assets. The fund has another £302 million in property investments.
Royal Bank of Scotland, appointed in 1991 as the fund's first global custodian, will be eligible to bid. `They've done OK,'' said Geoff Singleton, deputy director of finance.
The review is part of a periodic process by Britain's largest local authority pension fund. Sweeping changes in the global custody market also make a review worthwhile, he said.
Inquiries must be submitted to Mr. Singleton by Jan. 31. He expects an appointment to be made in May.