£550 million mandate for Northern Trust 10 March 2017London Reporter: Stephanie Palmer
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Northern Trust has been appointed to provide global custody and other services for £550 million in pension fund assets for the Scottish Borders Council.
This is Northern Trust’s twelfth appointment under the Local Government Pension Schemes (LGPS) National Framework Agreement.
Along with global custody services, Northern Trust will provide accounting, accounting, performance management, cash management and foreign exchange services.
Bill White, chair of the pension fund committee at the Scottish Borders Council, said: “Northern Trust demonstrated its ability to provide solutions tailored to our specific needs, for example meeting our future accounting requirements.”
He added: “Combined with their leading expertise and experience across the LGPS, this was a key factor in their appointment.”
Penelope Biggs, head of the institutional group at Northern Trust, said: “We worked closely with Scottish Borders Council to ensure we delivered a customised solution that meets their evolving needs and helps drive operational and financial efficiencies for the fund.”
According to Northern Trust, its institutional investor group currently supports 35 percent of the top 100 UK pension schemes, and eight of Scotland’s 11 LGPS.
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