HSBC Securities Services has won a global custody mandate from the local government pension scheme (LGPS) funds for Norfolk, Suffolk and the London Borough of Hackney.
The custodian will also provide securities lending and investment accounting for the funds’ collective £6.5bn ($10.9bn) assets under management.
The mandate is the first to be awarded under the National LGPS Framework for Global Custody Services, which was introduced in November 2013. It is designed to help funds choose a global custody provider more efficiently.
"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", said Glenn Cossey, chief investment officer, Norfolk Pension Fund.
Arjun Bambawale, head of HSBC Securities Services Europe, said: "This win emphasises HSBC's understanding of the LGPS requirements and our ongoing commitment to providing the highest quality service"
The mandate will run for five years.
The Norfolk Pension Fund currently uses Northern Trust as its custody provider and will transition to HSBC later this summer. State Street has acted as custodian for the pension funds of Suffolk and London Borough of Hackney.
Both the Norfolk and Suffolk pension funds currently engage in securities lending.
HSBC already provides fund services to a number of local government authorities including the pension funds of the West Midlands, West Yorkshire, South Yorkshire and Swansea, Dorset County Council and the Northern Ireland Local Government Officers Superannuation Scheme.