Northern Trust grew its assets under custody from UK pension fund clients by more than USD72 billion in 2019 – underscoring its strategic commitment to the United Kingdom’s (UK’s) retirement industry.The growth in 2019 was driven by both new client wins and asset inflows across 20 marquee clients – including both corporate and local government defined benefit (DB) pension schemes and defined contribution (DC) master trusts.
Mark Austin, head of United Kingdom, Institutional Investor Group at Northern Trust, says: “Whatever the path chosen to achieve their investment objectives, Northern Trust is committed to supporting pension funds on that journey. As today’s investment environment drives change and complexity, our solutions – from outsourced financial accounting and alternatives administration to middle office services and outsourced trading – support UK pension teams with their day-to-day investment activities, governance and risk management obligations.”
Northern Trust’s Institutional Investor Group provides services to more than 270 UK pension funds with collectively more than USD851 billion in assets under custody. Clients serviced include DC master trusts, DB corporate schemes and funds of the UK Local Government Pension Scheme, with assets varying in size from USD20 million to USD60 billion.
