Northern Trust to provide outsourced trading services to Illinois pension fund
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Northern Trust to provide outsourced trading services to Illinois pension fund 19 February 2020Chicago Reporter: Maddie Saghir
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Northern Trust is set to expand its 30-year relationship with the Illinois Municipal Retirement Fund (IMRF), the state’s second-largest public retirement plan, providing it with its integrated trading solutions.
The US bank already provides the $44 billion fund with global custody, securities lending, valuation support, compliance analysis, banking, treasury services, investment management.
According to Northern Trust’s head of institutional sales and trading, Grant Johnsey, through integrated trading solutions, the bank will provide global trade execution, matching, and transaction cost analysis reporting.
Johnsey said: “Our trade execution solution is helping the IMRF team free-up resources while allowing them to exercise the high levels of oversight and governance that they and their participants demand.”
Michael Lowery, quantitative equity trader at IMRF, commented: “IMRF views Northern Trust integrated trading solutions as an extension of its own internal trading function that will benefit from industry experience, transaction cost analysis and transparency into the execution process.”
Dhvani Shah, chief investment officer at IMRF, added: “We have a long-standing relationship with Northern Trust and appreciate the level of service and expertise they provide to us. IMRF works with Northern Trust in other capacities and views the ITS platform as an addition to an already well-functioning relationship between our organisations.”
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