Devon County Council has appointed Northern Trust (Nasdaq: NTRS) to provide global custody and securities lending for the fund's GB£3 billion (approximately US$5 billion) in pension fund assets. The appointment was made using the National LGPS Global Custodian Framework.
"Northern Trusts ability to provide high-quality tailored solutions to meet our specific requirements, combined with their leading expertise across the local government pension scheme (LGPS) sector, were key factors in their appointment," said Mark Gayler, assistant county treasurer at Devon County Council. "In addition, Northern Trust's strong securities lending capabilities supported our objectives to maximize our investment portfolio."
"We are delighted to support Devon Country Council," said Penelope Biggs, head of Institutional Investor Group for Europe, Middle East and Africa, at Northern Trust. "Through our Institutional Governance Services group and dedicated LGPS team we continue to look for innovative ways to invest in the depth and sophistication of services we can offer pension funds faced with increasingly complex investment and administration challenges, and in an evolving regulatory landscape."
Northern Trust has an ongoing commitment to the LGPS sector. Its dedicated programme of workshops, newsletters and thought leadership provides regular updates from experts on the latest developments impacting the industry. This year, Northern Trust worked in conjunction with CIPFA (The Chartered Institute of Public Finance and Accountancy) to host and support a series of training workshops for pension funds in London and the Midlands.
"Particularly amid talks of consolidation and discussion to improve efficiencies, we see an increasing demand from pension funds for informed guidance," said Robert Frazer, head of Institutional Investor Group for the UK, at Northern Trust. "Whether clients are looking for Common Investment Funds or tax efficient vehicles, such as the Authorised Contractual Scheme, which we played a key role in launching alongside the HMS Treasury and the IMA, we can work with our LGPS clients to support their objectives."
Northern Trust offers a broad range of services to pension funds and supports close to 200 UK pension fund clients, including 30 percent of the top 100 UK pension schemes and provides custody and ancillary services to 36 percent of the total LGPS market in the UK. It is one of six custodians listed by National LGPS Framework, from which local government pension schemes can procure custody and related services.
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 states, Washington, D.C., and 18 international locations in Canada, Europe, the Middle East and the Asia-Pacific region. As of March 31, 2014, Northern Trust had assets under custody of US$5.8 trillion, and assets under investment management of US$915.4 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