Northern Trust has been appointed by Westminster City Council and the London Borough of Hammersmith and Fulham to provide global custody, investment accounting and performance measurement services for £1.9bn (approximately $3bn) in pension fund assets.
These latest wins mark the fourth and fifth appointments for Northern Trust under the National Local Government Pension Scheme (LGPS) Framework, which was introduced in November 2013.
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The framework is designed to ensure a streamlined and efficient process for local government pension schemes selecting a global custody provider. Earlier this year, Northern Trust announced it had been appointed by Cambridgeshire and Northamptonshire County Council pension funds and Devon County Council, representing a collective GB£7 billion (approximately US$11.24 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," said 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."
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By GlobalDataNorthern Trust offers a broad range of services to pension funds and supports close to 200 UK pension fund clients, including 30 percent of the top 100 UK pension schemes, and provides an extensive range of services to over 37 percent of the total LGPS market in the UK.
