Strathclyde – the largest local government pension scheme in the UK by asset size – has re-appointed Northern Trust for the fourth consecutive term.
Under the terms of the agreement, Northern Trust will continue to provide global custody, securities lending, cash management and foreign exchange services for the fund’s GBP13.7bn (approximately USD22bn) in pension assets, with the addition of tailored investment risk and performance services.
“We are very pleased to continue our longstanding relationship with Northern Trust,” says Richard McIndoe, head of pensions at Strathclyde. “Northern Trust understands our specific requirements and through their range of high-quality tailored solutions continues to demonstrate their commitment to the local government pension sector.”
“Our relationship with the team at Strathclyde spans more than 15 years and we are truly delighted to continue to support them in the years ahead,” says Penelope Biggs, head of Northern Trust’s institutional investor group. “Our dedicated local government pension fund client service team, our information delivery portal Passport and the evolution of our institutional governance services product suite are designed to support our local government pension fund clients as they face increasingly complex investment and administration challenges and operate in an evolving regulatory environment.”
Northern Trust provides custody and related services to approximately 35 per cent of all UK local government pension schemes and has serviced clients in the segment since 1996. It was also recently named as one of six custodians listed by National LGPS Frameworks from which local government pension schemes can procure custody and related services.