Centrica PLC's pension fund, Slough, England, hired RBS Trust Bank as global custodian for 60% of its assets that are managed in active global balanced strategies, said Rita Powell, group pensions manager.
The L900 million ($1.47 billion) fund was spun off from the former British Gas PLC pension fund. Another 10% or so of assets will be transferred to the Centrica fund in September. Those assets will be invested in bonds and cash by Mercury and Fidelity.
The remaining assets are managed in a passive global equity mandate run by Legal & General, which performs custody for those assets. Watson Wyatt Worldwide assisted.