Northern Trust wins Babcock mandate 10 May 2011London Reporter: Ben Wilkie
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Northern Trust has been appointed to provide global custody, transition management, investment accounting and performance measurement services to £2 billion in pension fund assets for Babcock International Group PLC pension schemes.
Babcock is an engineering support services company operating in the marine support services and defence businesses in the UK and overseas. It has achieved industry recognition for its innovative investment strategy within the pensions marketplace – with three of its pension funds first to conduct longevity swaps in 2009.
“The Trustee Investment subcommittee appointed Northern Trust following a competitive tendering process,” said Andrew Birkett, group pensions manager at Babcock. “We wanted an asset servicing partner to help us with the next stage of our evolution as we look to consolidate our investment accounting and reporting strategy across all four Babcock pension schemes.”
“We are delighted to have been appointed by Babcock, a leading name in the pensions market,” said Douglas Gee, UK business development manager for asset servicing at Northern Trust. “We increasingly see clients looking for advanced asset reporting capabilities in addition to core global custody services. Northern Trust’s sophisticated web-based client portal, Passport, provides for this need by enabling all our clients to access precise daily information on their assets, when they want it, including integrated investment accounting, performance measurement, compliance monitoring and risk analytics.”
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