The £1.1bn Teesside pension fund is looking to appoint a new custodian following the expiry of its current contract with Bank of New York in February 2001.

Fred Green, loans and investment manager at Teesside, said: 'We have an existing contract which will expire in February next year. Because we are a public authority, we are required to go out to tender, although we are not dissatisfied with the level of service provided by the current custodian, the Bank of New York.'