The Merseyside Pension Fund has appointed Northern Trust to provide global custody, investment accounting, securities lending and commission recapture services for approximately £4.5 billion in pension fund assets.
This latest appointment brings Northern Trust’s total assets under custody for LGPS to £65 billion. It demonstrates Northern Trust’s continued commitment to developing tailored asset servicing solutions to support pension funds’ unique requirements.
“Northern Trust's ability to customise their asset servicing reporting capabilities to meet our requirements, combined with their proven track record in the LGPS market were key factors in their appointment,” said Peter Wallach, head of Merseyside Pension Fund. “In particular the ability to provide a single platform for reporting and managing all our assets should enable us to save time and resource.”
“We are delighted to be appointed by Merseyside,” said Douglas Gee, head of business development for the UK and Ireland, Northern Trust’s Institutional Investor Group.
“We understand that local government pension schemes clients face a unique set of challenges and have developed a number of solutions to support them, through our Institutional Governance Services group, which can provide a tailored and highly focused level of information to help pension funds meet their regulatory requirements,” added Gee.
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