In 2012 Northern Trust increased its assets under custody from new UK pension fund clients by approximately GB£20 billion. This growth is attributed to 12 significant new client wins, including the GB£5 billion Merseyside Pension Fund and the GB£700 million Alcatel Pension fund.
We are delighted to continue to grow our footprint in the UK pensions sector, said Douglas Gee, head of business development for Northern Trusts Institutional Investor Group (IIG) for the UK and Ireland. Through our Institutional Governance Services group, we continue to look for innovative ways to invest in the depth and complexity of services we can offer pension funds, and it is gratifying to see this investment being rewarded by a demand for more tailored and sophisticated asset servicing solutions by our clients.
In October 2012, Northern Trust announced that the appointment by Merseyside Pension Fund brought its total assets under custody for UK local government pension schemes (LGPS) to in excess of US$100bn, representing a 43 percent share of the LGPS market (by asset size).
All our pension fund clients are facing increasingly complex investment and administration challenges, combined with the need to support an evolving regulatory environment, said Gee. By appointing a provider, such as Northern Trust, clients can be assured of working with a provider who is not only passionate about pensions but also has a proven track record in delivering tailored and innovative solutions to help reduce unnecessary costs, improve investment oversight and ultimately enhance returns.
Northern Trust provides a variety of custody and related services to UK pension funds leveraging its single global asset servicing platform. Clients are supported by a dedicated client service team and tailored reporting solutions. Its web-based client portal Passport® enables all clients to access investment valuations, general ledger accounting, specialist financial reporting, performance measurement, compliance monitoring and risk analytics as well as a variety of other information critical to the management of their fund.
Northern Trust provides custody and related services to approximately 35 percent of the top 200 pension funds in the UK and 43 percent of all UK Local Government Pension Schemes (by asset size), and over the past four years, has added more than US$108 billion in assets under custody on behalf of new UK pension fund clients.
About Northern Trust
Northern Trust Corporation (Nasdaq: NTRS) is a leading provider of investment management, asset and fund administration, banking solutions and fiduciary services for corporations, institutions and affluent individuals worldwide. Northern Trust, a financial holding company based in Chicago, has offices in 18 U.S. states and 16 international locations in North America, Europe, the Middle East and the Asia-Pacific region. As of December 31, 2012, Northern Trust had assets under custody of US$4.8 trillion, and assets under investment management of US$758.9 billion. For more than 120 years, Northern Trust has earned distinction as an industry leader in combining exceptional service and expertise with innovative products and technology. For more information, visit www.northerntrust.com or follow us on Twitter @NorthernTrust.
Northern Trust Corporation, Head Office: 50 South La Salle Street, Chicago, Illinois 60603 U.S.A, incorporated with limited liability in the U.S.
The Northern Trust Company, London Branch (reg. no. BR001960), Northern Trust Global Investments Limited (reg. no. 03929218) and Northern Trust Global Services Limited (reg. no. 04795756) are authorised and regulated by the Financial Services Authority.
Northern Trust (Guernsey) Limited, Northern Trust Fiduciary Services (Guernsey) Limited, and Northern Trust International Fund Administration Services (Guernsey) Limited are licensed by the Guernsey Financial Services Commission. Northern Trust International Fund Administrators (Jersey) Limited and Northern Trust Fiduciary Services (Jersey) Limited are regulated by the Jersey Financial Services Commission. Northern Trust International Fund Administration Services (Ireland) Limited, Northern Trust Securities Services (Ireland) Limited and Northern Trust Fiduciary Services (Ireland) Limited are regulated by the Central Bank of Ireland. Northern Trust Global Services Limited has a Netherlands Branch which is authorised and regulated in the Netherlands by De Nederlandsche Bank. Northern Trust Global Services Limited has a Luxembourg Branch which is authorised and regulated by the Commission de Surveillance du Secteur Financier (CSSF). Northern Trust Luxembourg Management Company S.A. is regulated by the Commission de Surveillance du Secteur Financier (CSSF). Northern Trust Global Services Limited operates in Abu Dhabi as a Representative Office, Licence number 13/238/2008 which is authorised and regulated by the Central Bank of the United Arab Emirates. The Northern Trust Company operates in Canada as The Northern Trust Company, Canada Branch which is an authorized foreign bank branch under the Bank Act (Canada). Trustee related services in Canada are provided by the wholly owned subsidiary The Northern Trust Company, Canada, an authorized trust company under the Trust & Loans Companies Act (Canada). Deposits with The Northern Trust Company and its affiliates and subsidiaries are not insured by the Canada Deposit Insurance Corporation. Northern Trust operates in Australia as a foreign authorised deposit-taking institution (foreign ADI) and is regulated by the Australian Prudential Regulation Authority and the Australian Securities & Investments Commission (AFS Licence No: 314970). The Northern Trust Company of Hong Kong Limited is regulated by the Hong Kong Securities and Futures Commission. The Northern Trust Company has a Singapore Branch which is a foreign wholesale bank regulated by the Monetary Authority of Singapore. The Northern Trust Company has a branch in China regulated by the China Banking Regulatory Commission. Northern Trust Global Investments Japan, K.K. is regulated by the Japan Financial Services Agency. Northern Trust Global Services Ltd (UK) Sweden Filial is authorised by the Financial Services Authority and subject to regulation by the Finansinspektionen. Northern Trust Global Investments Limited has a Netherlands branch which is authorised by the Financial Services Authority and subject to regulation in The Netherlands by the Autoriteit Financiële Markten. Northern Trust Global Investments Limited has a Sweden branch which is authorised by the Financial Services Authority and subject to regulation in Sweden by the Finansinspektionen.