Oxfordshire County Council Pension Fund, Oxford, England, hired BNP Paribas Securities Services as global custodian to the £1.5 billion ($2.4 billion) pension fund, confirmed Gregory Ley, financial manager-pension fund investments.
BNY Mellon was the previous custodian, Mr. Ley said. The firm was allowed to rebid.
BNP Paribas will provide services that include trade settlement, proxy voting, investment accounting, performance measurement, foreign exchange and cash management, according to the RFP that was issued in December 2012.
The search was conducted because BNY Mellon's contract had expired, Mr. Ley said.