UK - Exel Retirement Plan, formerly the NFC Retirement Plan, has appointed Chase Manhattan Bank?s global investor services division to provide global custody for approximately £1bn (E1.7bn) in assets.

Jimmy Walker, UK pension manager at Exel, comments: "The move to a global custodian is connected to the trend being set by investment managers but in doing so we are able to obtain consolidated reporting and to experience Chase?s broad array of products."