Northern Trust wins Lothian mandate 01 February 2011London Reporter: Ben Wilkie
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Northern Trust has been appointed to provide global custody, securities lending, and related services to US$5 billion (more than GB£3.2 billion) in pension fund assets for the Lothian Pension Fund, one of the top 10 Local Government Pension Schemes (LGPS) in Britain by asset size.
This latest mandate increases Northern Trust’s share of the Scottish LGPS market to over 60 percent as it becomes the preferred provider to seven schemes in the country.
Lothian Pension Fund serves local government employees in Edinburgh and Lothian, Scotland. With more than 170 associated employers, it has a total scheme membership of over 65,000. It sits within the City of Edinburgh Council which acts as administering authority.
“We were looking for a provider with experience in the LGPS market to support our specific requirements,” said Geik Drever, head of pensions and investments at Lothian Pension Fund. “Northern Trust has an excellent reputation for servicing LGPS and this, in addition to their integrated investment accounting platform and expertise in supporting in-house managed pension schemes made them a natural choice for us.”
“We are delighted to have been appointed by Lothian Pension Fund, a further endorsement of our commitment to the LGPS market,” said Douglas Gee, UK institutional business development manager for asset servicing at Northern Trust.
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