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Northern Trust wins USD1.2bn mandate from Wandsworth

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Northern Trust has been appointed to provide custody and investment accounting services to USD1.2bn (approximately GBP750m) in pension fund assets for the London Borough of Wandsworth pension scheme, a local government pension scheme.

“We appointed Northern Trust following a decision to consolidate all our asset servicing requirements into a single provider,” says Peter Harris, pension fund controller at London Borough of Wandsworth. “Northern Trust has proven expertise in servicing UK pension funds, a comprehensive understanding of the LGPS market and a compelling service offering, helping us to manage our costs. All of these were key criteria in this appointment.”

“We are delighted to have been appointed by Wandsworth Council, further underpinning our commitment to the LGPS sector,” says Douglas Gee, UK institutional business development manager for asset servicing at Northern Trust. “We understand that in addition to core global custody and integrated investment accounting, our pension fund clients are looking for a service provider with a proven track record of supporting complex reporting requirements and a comprehensive range of value-added services to support their overall investment strategies.”

This latest mandate in the LGPS sector follows Northern Trust’s appointment earlier this year to provide custody and investment accounting services to approximately GBP1.7bn (USD2.61bn) in pension fund assets for West Sussex Pension Fund.

Northern Trust also acts as custodian to the Strathclyde Pension Fund, the largest LGPS in the UK.

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