Highland Council Pension Fund, Inverness, Scotland, hired Northern Trust as global custodian for the £400 million ($621 million) fund, said Brian Williams, the councils head of corporate finance. Northern Trust replaced N.M. Rothschild and Bank of New York, which were joint custodians.
"We decided it was best to get a global expert custodian in place who was completely independent from the asset management side, Mr. Williams said.
In addition, Hymans Robertson is reviewing the plans investments and may select new managers after the review is completed in December. The plans assets are currently managed by Rothschild Asset Management and Baillie Gifford in balanced portfolios. "At this stage it is too early to tell what changes, if any, well be making but as you know, Rothschild has made it clear it is reviewing its options in funds management, Mr. Williams said.