Searches and Hires

West Sussex Pension Fund signs BNP Paribas as new custodian

West Sussex Pension Fund, Chichester, England, hired BNP Paribas Securities Services to provide global custody services, said a spokeswoman for the administering council.

BNP will provide the 3 billion ($4.1 billion) pension fund with investment accounting, investment reporting and performance services.

BNP Paribas Securities Services is part of the U.K.'s local government pension scheme funds' national custody framework. This is the fifth appointment for the custodian under the arrangement.

"We were impressed by the expertise of the individuals we worked with and the technology underlying its services — particularly BNP Paribas' reporting tools," said Jeremy Hunt, pension panel chairman at West Sussex Pension Fund, in a BNP Paribas news release.

The spokeswoman said the previous custodian was Northern Trust.