Marley 1986 Pension Scheme, Seven Oaks, England, selected Lloyds Bank Securities Services as custodian for the £170 million ($275 million) fund, replacing Royal Bank of Scotland, said Glynn Griffiths, investment manager. Royal Bank of Scotland wanted the fund to switch to RBS Trust Bank, created from the former S.G. Warburg custody business the bank had acquired last year.
But Mr. Griffiths said the bank was unwilling to meet some of the fund's needs, which spurred a custody review. An RBS spokesman was unable to comment.
Thorn PLC, Chertsey, England, outsourced management of its £40 million ($65 million) in U.K. captive insurance money to Gartmore Investment Management and Hill Samuel Asset Management, said Michael Turner Samuels, group treasurer. Gartmore and Hill Samuel will run bond portfolios of £25 million and £15 million, respectively.
Hill Samuel already manages some £12 million captive money for Thorn.