Northern Trust has been appointed by the London Borough of Brent to provide global custodian, performance measurement and valuation reporting services for its £650 million in pension fund assets.
This marks the seventh appointment for Northern Trust under the national local government pension scheme (LGPS) framework.
Earlier this year, Northern Trust worked with London boroughs and City of London, collaborating through London councils, to establish a tax-transparent pooled fund, enabling the London boroughs to achieve economies of scale and provide a platform for significant cost savings.
Conrad Hall, chief finance officer at Brent Council, commented: “We chose Northern Trust because of their established credentials in the LGSP and their understanding of issues which are specific to the field.”
Penelope Biggs, head of the institutional investor group at Northern Trust in Europe, the Middle East and Africa, commented: “Local government pension schemes have long found themselves under pressure to become more efficient and cost effective.”
“We worked closely with Brent to ensure we delivered a tailored a solution to meet their evolving needs, helping to drive efficiencies.”
