The Finnish FM70bn (€11.7bn) pension fund for local authority employees (LGPI), has gone to tender for a custodian for its domestic securities, which total FM30.8bn.

Apart from saying that the tender process is part of a regular review of its service providers, an official at LGPI declined to comment on who is handling the custody services at present. She also declined to say on whether the current provider will be dropped or if LGPI is looking for an additional provider.