LGPS launches second global custody services framework
03 March 2021 UK
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The National Local Government Pension Scheme (LGPS) Frameworks team has launched the new Global Custody Services Framework, which will be available until February 2025.
The framework is the second of its kind after the first was launched in October 2013, which was used by more than 30 LGPS Funds over five and a half years.
As part of the new framework, CACEIS, BNY Mellon, HSBC, Northern Trust and State Street have been appointed to provide global custody services.
Services will include safekeeping of assets in a range of global markets, trade settlement, tax reclaims, corporate actions instruction and collection, proxy voting facilitation, foreign exchange services, cash management, investment accounting, online reporting, performance measurement, compliance monitoring, passive currency hedging and other administration services.
Commenting on CACEIS joining the National LGPS Framework for Global Custody Services, Pat Sharman, head of UK at CACEIS, says: “This is the first time CACEIS has joined the LGPS Framework and we look forward to working in collaboration and partnership with the National LGPS Framework, sharing best practice along with our innovative tech-based solutions that will help the LGPS with the regulatory, economic and environmental pressures facing them today.”
The National LGPS Frameworks is a not-for-profit programme and all users of the frameworks benefit from the collaboration.
LGPS says using the framework will reduce the time and cost associated with procurement by offering a facility that has already been competitively tendered.
The LGPS is collectively benefiting from more than £139 million in savings from the frameworks programme.
The Cambridgeshire County Council, Essex County Council, Hampshire County Council, Hertfordshire County Council, Norfolk County Council, Northamptonshire County Council, Suffolk County Council, The City of Edinburgh County Council and Wolverhampton County Council all worked together to establish the framework.
The councils were also supported by the Norwich-based National LGPS Frameworks team and procurement and legal specialists from Norfolk County Council.
The new global custody services framework is open to all LGPS pools, administering authorities as well as other public sector pension schemes and the pension protection fund.
The framework is the second of its kind after the first was launched in October 2013, which was used by more than 30 LGPS Funds over five and a half years.
As part of the new framework, CACEIS, BNY Mellon, HSBC, Northern Trust and State Street have been appointed to provide global custody services.
Services will include safekeeping of assets in a range of global markets, trade settlement, tax reclaims, corporate actions instruction and collection, proxy voting facilitation, foreign exchange services, cash management, investment accounting, online reporting, performance measurement, compliance monitoring, passive currency hedging and other administration services.
Commenting on CACEIS joining the National LGPS Framework for Global Custody Services, Pat Sharman, head of UK at CACEIS, says: “This is the first time CACEIS has joined the LGPS Framework and we look forward to working in collaboration and partnership with the National LGPS Framework, sharing best practice along with our innovative tech-based solutions that will help the LGPS with the regulatory, economic and environmental pressures facing them today.”
The National LGPS Frameworks is a not-for-profit programme and all users of the frameworks benefit from the collaboration.
LGPS says using the framework will reduce the time and cost associated with procurement by offering a facility that has already been competitively tendered.
The LGPS is collectively benefiting from more than £139 million in savings from the frameworks programme.
The Cambridgeshire County Council, Essex County Council, Hampshire County Council, Hertfordshire County Council, Norfolk County Council, Northamptonshire County Council, Suffolk County Council, The City of Edinburgh County Council and Wolverhampton County Council all worked together to establish the framework.
The councils were also supported by the Norwich-based National LGPS Frameworks team and procurement and legal specialists from Norfolk County Council.
The new global custody services framework is open to all LGPS pools, administering authorities as well as other public sector pension schemes and the pension protection fund.
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