Northern Trust has been appointed by The National Trust (the Trust) to provide global custody and related services to GBP881 million (approximately US$ 1.4 billion) in charity assets. Northern Trust currently provide solutions to approximately 300 charities, foundations and endowments across the globe and this latest appointment supports Northern Trust’s continuing strategy to support the needs of the charities, foundations and endowments sector worldwide.
Northern Trust will provide custody, investment accounting and performance measurement services to the Trust which, independent of government, works to preserve and protect the coastline, countryside and historic buildings of England, Wales and Northern Ireland.
“We appointed Northern Trust, following a competitive tender,” said Paul Maguire, Assistant Director, Treasury & Fund Management at the Trust. “We needed a provider who could not only support our asset servicing requirements, but one who had experience in our sector and could provide a high level of client service, supporting our changing requirements as we continue to evolve.”
“The charities, foundations and endowments sector is a key area of focus for us and we are delighted to have been appointed by The National Trust,” said Penelope Biggs, head of the Institutional Investor Group for Europe, Middle East and Africa, at Northern Trust. “We understand this sector has unique challenges – such as complex regulatory and administrative demands – and through our array of sophisticated asset servicing solutions we can help our clients gain greater control of the financial details.”
As of September 30, 2010, Northern Trust had assets under custody of US$3.9 trillion across all sectors, including institutions, such as pension funds, charities and foundations, insurance companies, sovereign wealth funds and families worldwide, and private investors worldwide.
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