Two London local authorities have appointed Northern Trust to provide global custody, investment accounting and performance measurement services for GBP1.9 billion in pension fund assets.
These latest wins, from Westminster City Council and the London Borough of Hammersmith and Fulham, mark the fourth and fifth appointments for Northern Trust under the National Local Government Pension Scheme (LGPS) Framework, which was introduced in November 2013.
Earlier this year, Northern Trust was appointed by Cambridgeshire and Northamptonshire County Council pension funds and Devon County Council, representing a collective GBP7 billion (approximately USD11.24 billion) in pension fund assets.
Northern Trust already supports The Royal Borough of Kensington and Chelsea, the third council alongside Westminster City Council and the London Borough of Hammersmith and Fulham making up the tri-borough councils in West London. Under the terms of the new mandate, the three councils will be supported under a single specialist team at Northern Trust.
“We are very proud to have been appointed by Westminster City Council and are delighted to extend our relationship with the London Borough of Hammersmith and Fulham,” says Penelope Biggs, head of institutional investor group for Europe, Middle East and Africa at Northern Trust. “This is a pivotal time for local government pension schemes, whose members are increasingly looking to become more efficient and cost effective. Our dedicated LGPS team, coupled with our Institutional Governance Services, ensures our clients are best placed to meet and exceed their unique requirements.”