This is the thirteenth appointment for Northern Trust under the Local Government Pension Schemes (LGPS) National Framework Agreement (NFA).
As well as custody services, Northern Trust will provide accounting, securities lending, performance management and foreign exchange services for the pension fund assets.
David Murphy, chief executive of NILGOSC, which administers the LGPS for Northern Ireland, said: “As a leading expert across the LGPS, Northern Trust has a strategic focus on the LGPS market and a proven commitment to this segment.”
He added: “Combined with its ability to provide high-quality tailored solutions that meet our specific requirements, this was a key factor in their appointment.”
Northern Trust has also supported NILGOSC in appointing a team dedicated to transitioning new clients’ assets.
James Wright, head of the institutional group for the UK and Ireland at Northern Trust, said: “At Northern Trust, we understand that the pensions landscape is continually evolving and are committed to creating tailored solutions for our clients to meet their changing needs.”
“We are a focused and trusted provider to pension funds and through our experience and expertise are well placed to help them meet their demands for regulatory compliance, governance and transparency.”
Last month, Northern Trust was appointed under the LGPS NFA to provide global custody and other services for £550 million in pension fund assets for the Scottish Borders Council.