National LGPS Frameworks picks 5 custodians
State Street were chosen for the framework panel, said a news release from National LGPS Frameworks. Other pension funds may choose their custodians from the pre-selected panel.
The new panel will be available until February 2025. Norfolk County Council Pension Fund, Norwich, England, led the search in September. The pension fund had £3.6 billion ($4.5 billion) of assets as of March 31, 2020, according to its latest available annual report.
The previous custodians on the panel were BNP Paribas Securities Services, BNY Mellon, HSBC, J.P. Morgan, Northern Trust and State Street. Contracts expired in April 2019 but had been extended for 18 months.