Strathclyde the largest local government pension scheme in the United Kingdom by asset size has re-appointed Northern Trust for the fourth consecutive term.
Under the terms of the agreement, Northern Trust will continue to provide global custody, securities lending, cash management and foreign exchange services for the Funds GBP13.7 billion (approximately US$22 billion) in pension assets, with the addition of tailored investment risk and performance services.
We are very pleased to continue our longstanding relationship with Northern Trust, said Richard McIndoe, head of pensions at Strathclyde. Northern Trust understands our specific requirements and through their range of high-quality tailored solutions continues to demonstrate their commitment to the local government pension sector.
Our relationship with the team at Strathclyde spans more than 15 years and we are truly delighted to continue to support them in the years ahead, said Penelope Biggs, head of Northern Trusts Institutional Investor Group. Our dedicated local government pension fund client service team, our information delivery portal Passport® and the evolution of our institutional governance services product suite are designed to support our local government pension fund clients as they face increasingly complex investment and administration challenges and operate in an evolving regulatory environment.
Northern Trust provides custody and related services to approximately 35 percent of all UK local government pension schemes and has serviced clients in the segment since 1996. It was also recently named as one of six custodians listed by National LGPS Frameworks from which local government pension schemes can procure custody and related services.
We understand local government pension schemes face unique challenges and being part of the Framework Agreement, under which local government pension schemes can benefit from pre-agreed tariffs and services underlines our continued commitment to the sector, said Douglas Gee, head of institutional sales at Northern Trust. Through our Retirement Solutions Practice, we continue to look for innovative ways to invest in the depth and complexity of services we can offer pension funds.
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 18 international locations in North America, Europe, the Middle East and the Asia-Pacific region. As of September 30, 2013, Northern Trust had assets under custody of US$5.2 trillion, and assets under investment management of US$846.2 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. Global legal and regulatory information can be found at http://www.northerntrust.com/disclosures