The Scottish Investment Trust PLC has mandated Northern Trust to provide global custody and depository services for its assets, valued at $1.4 billion.
Based in Edinburgh, The Scottish Investment Trust PLC s one the UK’s oldest institutions of its type. It provides long-term investors with above-average returns through various international equities, and aims for dividend growth higher than UK inflation.
Steven Hay, company secretary of The Scottish Investment Trust PLC, said: “We appointed Northern Trust in response to the demands of the changing regulatory environment.”
He added: “Northern Trust’s 125 year reputation for service combined with the quality and experience of management within its UK depositary business, were key factors in our decision to work with them.”
Northern Trust will primarily provide custody, trustee and depository services, but it will also offer fund administration solutions, investment operations outsourcing and solutions for exchange-traded fund managers around the world.
“We are pleased to support The Scottish Investment Trust PLC to help them meet their new regulatory requirements,” said John Cargill, head of depositary services for Europe, Middle East and Africa at Northern Trust.
“As the industry continues to evolve in response to on-going regulatory change, we understand there is an increasing demand for transparency and work closely with all our clients to ensure they receive the highest level of fiduciary oversight.”
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