Five custodians have been selected for the updated National LGPS framework for global custody services.
Bank of New York Mellon, Caceis Investor Services, HSBC Securities Services, Northern Trust and State Street were chosen for the framework panel, said a news release from National LGPS Frameworks. Other pension funds may choose their custodians from the pre-selected panel.
The new panel will be available until February 2025. Norfolk County Council Pension Fund, Norwich, England, led the search in September. The pension fund had £3.6 billion ($4.5 billion) of assets as of March 31, 2020, according to its latest available annual report.
The previous custodians on the panel were BNP Paribas Securities Services, BNY Mellon, HSBC, J.P. Morgan, Northern Trust and State Street. Contracts expired in April 2019 but had been extended for 18 months.
Executives at National LGPS Frameworks could not be reached for comment.
National frameworks are available to all local government pension schemes, LGPS pools, administering authorities and the wider public sector. There are a number of frameworks available, including for investment consultants and passive money managers. The news release said LGPS funds have already saved more than £139 million in costs by using the program.
