The newly formed Deutsche Shell pension fund in Hamburg has appointed Chase in Germany as its global custodian.

In addition to the custody services, Chase will also be providing performance reporting.

The fund now has DM2bn (US$1.1bn) under management, split equally between Spezialfonds run by Deutsche Bank's institutional asset management arm, Degef, and DBI, Dresdner Bank's investment arm. Both are balanced funds, with a 50/50 split between equities and bonds, spread across European and global securities.

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