Northern Trust (Nasdaq: NTRS) has won two contracts under the National LGPS (local government pension scheme) Framework for Global Custody Services with Cambridgeshire and Northamptonshire pension funds.
Under the terms of the agreement, Northern Trust will provide global custody, investment accounting and securities lending for the funds' collective GB£4 billion (approximately US$6.8 billion) in pension fund assets.
This latest win marks the second appointment for Northern Trust under the National LGPS Framework. Most recently, Northern Trust was appointed by Devon County Council pension fund to provide global custody and securities lending for the funds GB£3 billion (approximately US$5 billion) in pension fund assets, demonstrating Northern Trust's leadership and commitment to supporting LGPS.
"Northern Trust's strong reporting capabilities and innovative product suite can provide us with enhanced levels of governance, oversight and transparency over our investments," said Tolu Osekita, responsible for managing the investments for the Cambridgeshire and Northamptonshire Pension Funds. "Northern Trusts leading position and expertise in supporting LGPS were also key factors in our decision. It was evident Northern Trust has a strategic focus on the LGPS market and their proven commitment to this segment is incredibly valuable to us."
"We are proud to have the opportunity to support Cambridgeshire and extend our long-standing relationship with Northamptonshire," said Penelope Biggs, head of Institutional Investor Group for Europe, Middle East and Africa, at Northern Trust. "Against the backdrop of an increasingly complex regulatory landscape and the focus on ensuring the highest standards of operational and financial efficiency, we understand that our LGPS clients face unique challenges. Our dedicated LGPS team, in conjunction with our Institutional Governance Services, ensures we are able to support our clients' increasing requirements for enhanced investment and operational performance."
Northern Trust has an ongoing commitment to LGPS. Its regular programme of workshops, newsletters and thought leadership provides updates from experts on the latest developments impacting the industry. Northern Trust acted as the only custodian working alongside HM Treasury and the IMA to support the launch of a new tax transparent asset pooling vehicle. Additionally, it recently enhanced its collateral and liquidity solutions to help support its clients' changing regulatory requirements. Earlier this year, Northern Trust worked in conjunction with CIPFA (The Chartered Institute of Public Finance and Accountancy) to host and support a number of training workshops for pension funds in London and the Midlands.
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.
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