Eskom Pension and Provident Fund, Johannesburg, South Africa, hired State Street Bank & Trust as global custodian for its 2.6 billion rand ($347 million) portfolio of non-domestic investments. The international assets currently are being handled by interim manager Merrill Lynch Asset, which also is responsible for the custody arrangements, said Abel Sithole, CEO of the 18.9 billion rand fund. The fund is negotiating to hire international money managers for this portfolio, and an announcement is expected by the end of the month.
Nedcor Investment Bank is the fund’s custodian for domestic investments.
