Norfolk County Council, Norwich, England, is searching for six custodians to join a new framework accessed by all U.K. local government pension schemes, a spokeswoman said.
The previous framework, which expired in April 2019, consisted of custodians BNP Paribas Securities Services, BNY Mellon, HSBC Securities Services, J.P. Morgan Chase & Co., Northern Trust Corp. and State Street Corp. All six firms are eligible to rebid for the new framework, which will be launched in February or March.
Mercer is assisting with the search. The £32 billion ($41.3 billion) Pension Protection Fund, London, will also be able to access the framework.
The contracts will last for four years and could be extended up to 10 years each.
Submissions should be sent via European procurement portal Tenders Electronic Daily by 10 a.m. Greenwich Mean Time on Nov. 9.