Northern Trust has been reappointed as global custodian for the Los Angeles Fire & Police Pension System following a full due diligence process administered by the program directors. The Los Angeles Fire & Police Pension System is a public pension plan covering approximately 13,000 active members and 12,000 retirees and beneficiaries.
"Northern Trust has provided top-notch service, and the stability of their servicing team was a distinguishing aspect as we considered renewing this relationship," said Tom Lopez, Chief Investment Officer of Los Angeles Fire & Police Pensions System. "The array of custody, performance and risk services that Northern Trust provides is critical to meeting our goals in supporting our 25,000 plan constituents."
Jon Dunham, head of North American asset servicing sales for Northern Trust, said: "Large public pension systems like L.A. Fire & Police require a combination of financial strength and stability, first-rate client service and technology innovation from their global custody provider. Northern Trust is committed to these plans, with dedicated public fund teams, specialized accounting and reporting capabilities and user-friendly tools for compliance monitoring and other oversight functions."
The Los Angeles Fire & Police Pension System administers the defined retirement plan benefits for all sworn fire, police and certain port police employees of the City of Los Angeles. Its mission is "to advance the health and retirement security of those who dedicate their careers to serve and protect the people of Los Angeles."
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