Northern Trust has been appointed to provide global custody services to US$65 million (approximately GB£41 million) in council assets for the Shetland Islands Council. This latest win complements GB£234 million in assets Northern Trust already custodies for Shetland Pension Fund.
“We have developed a strong relationship with Northern Trust since we appointed them as custodian for the Pension Fund in 2002,” said Colin Bain, Treasury Accountant at the Council. “Their ability to deliver tailored reporting that meets our requirements is of key importance to us and it made logical sense for us to extend our mandate to include our council assets.”
The Shetland Islands which lie 600 miles North of London comprise over 100 islands – 15 of which are inhabited. The Council is one of 32 local authorities across Scotland and serves a population of approximately 22 000 people.
“We are delighted to have been awarded custody of these assets for the Council, further extending our relationship with Shetland,” said Penelope Biggs, head of Northern Trust’s Institutional Investor Group for Europe, Middle East and Africa. “We look forward to continuing to work with the Council to support their unique and evolving requirements.”
Northern Trust provides asset servicing and asset management solutions to institutional and private clients across the globe, including over 1000 pension funds. Northern Trust also services one-third of all UK Local Government Pension Schemes (LGPS), including more than 50 percent of the Scottish LGPS sector.
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