Midland Securities Services (MSS) has won the £700m ($1.2bn) global custody of the Royal County of Berkshire (RCB) pension fund, after incumbent Lloyds Bank was dropped due to a 'dilution' of its services since the integration of NatWest into its custody division.

In a seven-horse race amongst the biggest global custody players, Midland came out on top after trustees felt it offered the most secure core custody business.

Jack Johnson, fund manager at RCB, says: We were not unhappy with the Lloyds service per se, but the custody stability had altered slightly and we decided to go out to tender.""

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