Diageo PLC Pension Trust, London, is choosing finalists in its search for a global custodian, said Steve Mingle, group pensions director for the £3.5 billion ($5.3 billion) fund. Incumbent Bank of New York is rebidding. Trustees are expected to make a decision by late September, said Mr. Mingle.
Reviewing the custodian was the final step in a year-long restructuring of the plan, which was formed through last years merger of the pension plans of Grand Metropolitan PLC, London, and Guinness, London.