UK – The 365 million pound (544 million euro) UK pension fund of paper products firm Kimberly Clark has appointed the Bank of New York as its global custodian.

The Bank of New York will provide several services to the fund, including investment accounting and global custody, and was appointed after a competitive tendering process in which Watson Wyatt acted as consultant.

Benjie Fraser, managing director, pension sector at BONY, said the appointment “demonstrates the success of the sector-specific approach upon which BONY’s market leadership is based”.

Kimberley Clark declined to comment.

Bank of New York provide services to approximately a quarter of UK pensions’ assets. The company has over 77 billion dollars in assets worldwide.

Bank of New York was ranked top of R&M Consultants’ most improved custodian table released last week.


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