West Sussex County Council Pension Scheme, Chichester, England, issued an RFP for a global custodian for a £355 million ($562 million) balanced portfolio managed by Baillie Gifford. The custody mandate may be extended later to cover the plans £710 million in total assets, excluding direct property, according to a council spokeswoman. Rosemary Burfoot, county group accountant, technical, could not be reached for comment by press time.
The balance of the assets is managed by UBS Global Asset Management, which also provides custody. "We arent reviewing UBS at this time, the spokeswoman said.
Proposals are due April 24. Hymans Robertson is advising.