Belfast
27 April 2017
Reporter: Stephanie Palmer

Northern Trust lands £6.7 billion Northern Irish pension mandate


Northern Trust has been appointed to provide global custody and a range of other services for £6.7 billion in pension fund assets belonging to the Northern Ireland Local Government Officers’ Superannuation Committee (NILGOSC).

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.

More custody news
The latest news from Asset Servicing Times
Join Our Newsletter

Sign up today and never
miss the latest news or an issue again

Subscribe now
Boeing and JCP name Northern Trust as global custodian
17 August 2017 | Chicago | Reporter: Jenna Lomax
The Boeing Company has mandated Northern Trust to act as global custodian for its €54 billion defined contribution retirement plan
CACEIS reports assets under custody increase
07 August 2017 | Paris | Reporter: Jenna Lomax
French asset servicing firm CACEIS has reported that its assets under custody increased by 13.7 percent in Q2 2017
NSD’s securities under custody climb
02 August 2017 | Moscow | Reporter: Jenna Lomax
The Russian settlement depository held assets under custody valued at RUB 32.2 trillion (USD 536.32 billion) in Q2 2016
BNP Paribas sees Q2 success
31 July 2017 | Paris | Reporter: Jenna Lomax
BNP Paribas has seen a 10.7 percent increase in assets under custody, reporting a total of €9 trillion at the end of Q2 2017, compared to €8.1 trillion in Q2 2016
Northern Trust wins Hong Kong higher education mandate
31 July 2017 | Hong Kong | Reporter: Stephanie Palmer
Northern Trust has been selected to provide global custody and other services to The Open University of Hong Kong
Record-breaking Q2 for State Street
27 July 2017 | Boston | Reporter: Stephanie Palmer
State Street recorded record levels of assets under custody and administration, and assets under management in Q2 2017, with the former topping $31 trillion
Northern Trust to offer fund services to GuideStone Funds
24 July 2017 | Dallas | Reporter: Jenna Lomax
GuideStone Funds is a subsidiary of GuideStone Financial Resources, a financial service providing retirement, investment and life and health plans to evangelical Christian churches, educational institutions and ministry organisations
More custody news