Northern Trust wins £25 billion L&G mandate 06 May 2011London Reporter: Ben Wilkie
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Northern Trust has been appointed to provide fund accounting and additional custody services to the Legal & General Investments Unit Trust range, to the value of approximately £25 billion.
This latest appointment extends Northern Trust’s existing 10 year relationship with Legal & General.
Legal & General is a provider of risk, savings and investment management products in the UK, with over 6.9 million customers for life assurance, pensions, investments and general insurance plans. Legal & General Investments offers a range of unit trusts, including equity, fixed income, index tracking, property, cash and asset allocation funds for professional advisers and wealth managers.
Mike Boardman chief operating officer, Legal & General Investments, said: “We decided to consolidate all our fund accounting and custody with Northern Trust following an extensive review of our options. Our range of index, fixed income, active equity and absolute return funds make use of modern investment techniques and instruments and we wanted a partner that could not only meet our requirements for accurate and timely fund pricing today but also one that could be expected to meet our needs going forward.”
“We are delighted to extend our existing relationship with Legal & General (Unit Trust Managers) Limited,” said Toby Glaysher, head of global fund services for the UK, Ireland and Luxembourg at Northern Trust.
“Particularly in light of the various European regulatory changes, we see an increasing demand from our clients for asset servicing solutions that can support their changing requirements and increasing demands for transparency, which we can deliver.”
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