Cambridge fund awards custody to ABN Amro Mellon

IPE.com 22 November 2006 15:45:

UK – The Cambridgeshire County Council Pension Fund has awarded a £1.2bn (€1.8bn) custody, investment accounting and securities lending mandate to ABN AMRO Mellon Global Securities Services.

"We were very impressed by ABN Amro Mellon’s extensive accounting reporting suite of reports," Cambridgeshire’s chief loans and investment manager John Hopwood was quoted as saying.

"The level of enthusiasm and expertise displayed by the ABN Amro Mellon team was another major factor in our decision."

The provider said Cambridgeshire had appointed consultants Thomas Murray to review of the fund’s custody arrangements.

According to ‘Pension Funds and their Advisers’, the incumbent custodian was State Street, which declined to comment.

"We are delighted that yet another major UK local authority has selected us as their custodian, and that our commitment to building true partnerships with our clients has again been validated," said Nadine Chakar, chief executive of ABN Amro Mellon.

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