HSBC bags £6.5 billion mandate 19 May 2014London Reporter: Mark Dugdale
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HSBC Securities Services has been appointed global custodian to the Local Government Pension Scheme (LGPS) funds for Norfolk, Suffolk and the London Borough of Hackney.
The bank will provide global custody, investment accounting and securities lending services for £6.5 billion of assets under management.
The mandate, which will run for five years, is the first to be awarded under the National LGPS Framework for Global Custody Services. The framework was introduced in 2013 and is designed to provide a quicker and more efficient method for funds to select a global custody provider.
"HSBC Securities Services offers us competitive and transparent pricing together with a comprehensive custody and reporting solution and strong relationship support which will help each of us move forward in terms of efficiency and performance," commented Glenn Cossey, chief investment officer for the Norfolk Pension Fund.
Arjun Bambawale, head of HSBC Securities Services in Europe, said: "This win emphasises HSBC's understanding of the LGPS requirements and our ongoing commitment to providing the highest quality service"
HSBC already provides fund services to local government authorities, including the pension funds of the West Midlands, West Yorkshire, South Yorkshire and Swansea, Dorset County Council, and the Northern Ireland Local Government Officers Superannuation Scheme.
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