Middlesbrough Council has selected BNP Paribas Securities Services to provide global custody, monthly valuation and foreign exchange services to the Teesside pension fund.
Teesside is a local government occupational pension scheme with £2.5 billion in assets. The fund is managed by Middlesbrough Council’s portfolio investment team.
“Our most important considerations in appointing a new custodian were the safety of our assets, the strength of institution and their quality of service,” said Paul Campbell, head of investments at the Teesside pension fund.
“We reviewed several custodians operating in the UK and found BNP Paribas to be the best fit based on our selection criteria. We were very impressed with their team, and look forward to working with them.”
James McAleenan, head of BNP Paribas Securities Services UK, said: “We’re delighted to have won this mandate and see it as a strategic milestone for our UK franchise. We already have a successful custody and fund administration business in the UK, and this win is an excellent example of our commitment to servicing pension funds in this location.”
