The Illinois Firefighters’ Pension Investment Fund (FPIF) has chosen Northern Trust to provide custody services for more than 300 firefighter pension funds across downstate Illinois and suburban Chicago
The FPIF was established by the Illinois Pension Code in 2019 to consolidate, manage and invest municipal and fire protection district pension funds across the state.
Northern Trust used its transition management model to consolidate more than US $8 billion in assets from 36 custodians, in a process lasting 10 months.
WIlliam Atwood, FPIF executive director, comments: “One of the critical duties of any fiduciary board is to safeguard and harbour the assets entrusted to its care, and the custodial relationship is the foundation for those protections. We are optimistic about a continued and long-lived relationship with [Northern Trust].”
Amanda Williams, North America regional practice lead for transition management at Northern Trust, says: “Our team used robust project management to design a customised solution for FPIF’s unique portfolio. With our experience and expertise, Northern Trust Transition Management can help institutional asset owners and managers navigate large and complex changes to portfolios with ease.”
