Northern Trust has expanded its assets under custody from UK pension fund clients by more than $72 billion in 2019.
According to the US bank, its growth last year was driven by new client wins and asset inflows across 20 marquee clients – including both corporate and local government defined benefit (DB) pension schemes and defined contribution (DC) master trusts.
Clients serviced include DC master trusts, DB corporate schemes and funds of the UK Local Government Pension Scheme, with assets varying in size from $20 million to $60 billion.
Northern Trust was unable to disclose details on how much of this figure included assets available to lend.
As of 31 December 2019, Northern Trust had assets under custody/administration of $12.1 trillion, and assets under management of $1.2 trillion.
Mark Austin, head of UK, institutional investor group at Northern Trust, commented: “As today’s investment environment drives change and complexity, our solutions – from outsourced financial accounting and alternatives administration to middle office services and outsourced trading – support UK pension teams with their day-to-day investment activities, governance and risk management obligations.”
Elsewhere at Northern Trust, Sara Gilbert has been appointed as senior executive for alternatives business development in Luxembourg, which aligns with the bank’s continued focus on alternatives.
