Oxfordshire County Council has hired BNP Paribas Securities Services as a global custodian for its pension fund.

As global custodian for the £1.5bn fund, BNP Paribas Securities Services' tasks will include the safekeeping of assets, trade settlement, tax collection, corporate actions, proxy voting, investment accounting, performance measurement, foreign exchange and cash management.

Sean Collins, head of pensions for the Oxfordshire fund, said: "We were particularly impressed with the approach set out by BNP Paribas, to work with us to manage the transition, and then to develop their systems and reporting suites to meet our specific needs here in Oxfordshire.

"Their flexibility was a key differentiating factor, and we felt they were offering us a service rather than simply looking to provide an off-the-shelf solution."

The contract, worth £700,000 was awarded to BNP Paribas Securities Services after the council received five offers.

BNP Paribas Securities Services was chosen based on its safety as a global custodian, strong focus on client service and the simplicity of its client servicing model.

The bank's relationship with the fund could also expand into securities lending and performance measurement.

Annalisa Winge Bicknell, BNP Paribas Securities Services UK head of institutional investor sales and relationship management, said: "We are very pleased to have secured this mandate from Oxfordshire and we look forward to developing a long-term relationship with them."

First published 24.09.2013

monique_simpson@wilmington.co.uk