Norfolk County Council Pension Fund, Norwich, England, is leading a search to appoint a group of preapproved global custodians in a joint framework agreement for several U.K. local authority pension funds, according to an official for the £2.5 billion ($3.8 billion) pension fund.
The framework agreement is being launched on behalf of five other funds: the £1.9 billion Cambridgeshire County Council Pension Fund; £1.7 billion Suffolk County Council Pension Fund; £1.5 billion Northamptonshire County Council Local Government Pension Scheme; £1 billion London Borough of Hackney Superannuation Fund; and £700 million London Borough of Croydon Pension Fund. The agreement also can be used by any of about 89 funds within the Local Government Pension Scheme system, which has aggregate assets of about £150 billion.
Northern Trust is the current global custodian for both Norfolk and Northamptonshire. BNY Mellon provides global custody services for Cambridgeshire and Croydon, while State Street is the custodian for Suffolk and Hackney. All are invited to rebid.
The preapproved custodians are scheduled to be announced in October.