Merchant Navy Officers Pension Fund, Surrey, England, hired ABN AMRO Mellon Global Securities Services as global custodian, according to a news release from the £3.2 billion ($6 billion) pension plan. ABN AMRO will also provide accounting, securities lending and other services.
"The decision to move was taken after a long and very thorough review of MNOPF's custody needs, using an external tender process, which had been managed by Thomas Murray," a custody specialist, bank rating and advisory company, Alick Stevenson, director of investments for the fund, said in the news release. Mr. Stevenson was not available for further comment.
