Norfolk, Suffolk and the London Borough of Hackney pension funds have appointed HSBC Securities as a global custodian under the new National Local Government Pension Scheme (LGPS) Framework agreement.

Under the mandate, which will run for five years, the bank will provide global custody, investment accounting and securities lending services for the three funds.

The framework was set up by local government pension funds in 2013 to help reduce costs and improve efficiency.

Glenn Cossey, Norfolk Pension Fund chief investment officer, said: "HSBC Securities Services offers us competitive and transparent pricing together with a comprehensive custody and reporting solution and strong relationship support which will help each of us move forward in terms of efficiency and performance."

Arjun Bambawale, head of HSBC Securities Services in Europe, said: "This win emphasises HSBC's understanding of the LGPS requirements and our ongoing commitment to providing the highest quality service."

First published 21.05.2014

monique_simpson@wilmington.co.uk