GlaxoSmithKline PLC, London, hired ABN AMRO Mellon Global Securities Services as global custodian for the company's $7.2 billion pension fund, said Martin Mannion, pensions finance manager. The firm had a previous relationship with ABN AMRO Mellon as custodian for some of its pension assets, and plan officials decided to consolidate under one global custodian. Mr. Mannion declined to name the other custodians but noted that no firm was terminated for performance. Money Market Directory listed State Street Corp. as global custodian for GlaxoSmithKline's retirement savings plan as of June 2004 and Mellon Global Securities Services as global custodian for the company's master retirement trust at the same date.
Hewitt Associates assisted with the shortlist search.