UK – The East Riding of Yorkshire Council is seeking a global custodian on behalf of the £1.7bn (€2.5bn) East Riding Pension Fund.

“East Riding of Yorkshire Council, on behalf of East Riding Pension Fund, is seeking to appoint a global custodian of the fund’s assets, which are currently managed on an active basis by an in-house team and an external manager,” the council said in an announcement in the Financial Times.

The appointee “will be responsible for safekeeping of assets, settlement of trades, collection of income and production of relevant accounting reports”.

“We do not have a custodian at present,” said scheme assistant portfolio manager Paul Barnett – adding that it is just the settlement process under review.

And he confirmed that Schroders remains the fund’s sole external asset manager.

The council administers the Local Government Pension Scheme for over 60 employers and organisations covering the Humber region in the east of England.

The closing date for the return of applications is June 23.

Meanwhile, the outflow of institutional assets from Schroders has continued, with the company reporting a net outflow of £2.3bn (€3.37bn) in the first three months of the year. Total assets rose 4.8% to £128.4bn.