UK - Buckinghamshire County Council Pension Fund has hired ABN Amro Mellon to replace the Bank of New York as its custodian.

IPE reported in November last year that the £1bn (€1.48bn) scheme was reviewing the Bank of New York, whose three-year contract was coming to an end.

The contract with ABN Amro Mellon covers custody, account and asset administration services, the Aylesbury-based council said in a tender notice issued late last week. "Assets are expected to be around £1bn with cash flows in and out," it added.

ABN Amro Mellon Global Securities Services is a 50-50 joint venture between ABN Amro and Mellon Financial Corp.

A spokesperson for the Bank of New York confirmed the decision but declined to elaborate.

The council said it received a total of eight offers for the contract. The award criteria stressed "the most economically advantageous tender".

Elsewhere, the Falkirk Council Pension Fund has named Baillie Gifford to run a £120m specialist diversified fixed income portfolio.