Schroder Unit Trusts has appointed Chase Manhattan as its custodian and provider of trustee services for a majority of its UK unit trusts.

The £13bn of assets are currently in custody and trusteeship of Lloyds TSB Security Services which last year pulled out of the global custody and trustee business, was handling the custody and trusteeship mandate. The funds are a split between 36 retail and institutional unit trusts and two chairty funds managed by Schroder Investment Management.