: Merseyside Pension Fund Selects Northern Trust for GBGBP 4.5 Billion Mandate
Appointment Takes AUC for UK Local Government Pension Schemes to US100bn
Oct 18, 2012 (Menafn - M2 PRESSWIRE via COMTEX) --The Administering Authority for the Merseyside Pension Fund, Wirral Metropolitan Council (Merseyside), has appointed Northern Trust NTRS to provide global custody, investment accounting, securities lending and commission recapture services for approximately GBGBP4.5 billion (US7.2 billion) in pension fund assets.
This latest appointment brings Northern Trust's total assets under custody for LGPS to US100bn (GBGBP65bn), representing a 43 percent share of the total local government pension schemes (LGPS) market in the UK (by asset size). It further demonstrates Northern Trust's continued commitment to developing tailored asset servicing solutions to support pension funds' unique requirements.
"Northern Trust's ability to customise their asset servicing reporting capabilities to meet our requirements, combined with their proven track record in the LGPS market were key factors in their appointment," said Peter Wallach, Head of Merseyside Pension Fund. "In particular the ability to provide a single platform for reporting and managing all our assets should enable us to save time and resource."
Northern Trust provides a variety of custody and related services to UK pension funds from its single platform. Its LGPS clients receive a dedicated client service team and tailored reporting solutions. Most recently it has added an IFRS valuation toolkit to support schemes with their year-end accounting sign-off requirements.
"We are delighted to be appointed by Merseyside," said Douglas Gee, head of business development for the UK and Ireland , Northern Trust's Institutional Investor Group (IIG). "We understand that LGPS clients face a unique set of challenges and have developed a number of solutions to support them, through our Institutional Governance Services group, which can provide a tailored and highly focused level of information to help pension funds meet their regulatory requirements."
About Northern Trust
Northern Trust Corporation NTRS is a leading provider of investment management, asset and fund administration, banking solutions and fiduciary services for corporations, institutions and affluent individuals worldwide. Northern Trust, a financial holding company based in Chicago, has offices in 18 U.S. states and 16 international locations in North America, Europe, the Middle East and the Asia-Pacific region. As of September 30, 2012, Northern Trust had assets under custody of US4.8 trillion, and assets under investment management of US749.7 billion. For more than 120 years, Northern Trust has earned distinction as an industry leader in combining exceptional service and expertise with innovative products and technology. For more information, visit www.northerntrust.com or follow us on Twitter @NorthernTrust.
Northern Trust Corporation, Head Office: 50 South La Salle Street, Chicago, Illinois 60603 U.S.A, incorporated with limited liability in the U.S.
The Northern Trust Company, London Branch (reg. no. BR001960), Northern Trust Global Investments Limited (reg. no. 03929218) and Northern Trust Global Services Limited (reg. no. 04795756) are authorised and regulated by the Financial Services Authority.
Northern Trust (Guernsey) Limited, Northern Trust Fiduciary Services (Guernsey) Limited, and Northern Trust International Fund Administration Services (Guernsey) Limited are licensed by the Guernsey Financial Services Commission. Northern Trust International Fund Administrators (Jersey) Limited and Northern Trust Fiduciary Services (Jersey) Limited are regulated by the Jersey Financial Services Commission. Northern Trust International Fund Administration Services (Ireland) Limited, Northern Trust Securities Services (Ireland) Limited and Northern Trust Fiduciary Services (Ireland) Limited are regulated by the Central Bank of Ireland. Northern Trust Global Services Limited has a Netherlands Branch which is authorised and regulated in the Netherlands by De Nederlandsche Bank. Northern Trust Global Services Limited has a Luxembourg Branch which is authorised and regulated by the Commission de Surveillance du Secteur Financier (CSSF). Northern Trust Luxembourg Management Company S.A. is regulated by the Commission de Surveillance du Secteur Financier (CSSF). Northern Trust Global Services Limited operates in Abu Dhabi as a Representative Office, Licence number 13/238/2008 which is authorised and regulated by the Central Bank of the United Arab Emirates. The Northern Trust Company operates in Canada as The Northern Trust Company, Canada Branch which is an authorized foreign bank branch under the Bank Act (Canada). Trustee related services in Canada are provided by the wholly owned subsidiary The Northern Trust Company, Canada, an authorized trust company under the Trust & Loans Companies Act (Canada). Deposits with The Northern Trust Company and its affiliates and subsidiaries are not insured by the Canada Deposit Insurance Corporation. Northern Trust operates in Australia as a foreign authorised deposit-taking institution (foreign ADI) and is regulated by the Australian Prudential Regulation Authority and the Australian Securities & Investments Commission (afs licence no:314970). The Northern Trust Company of Hong Kong Limited is regulated by the Hong Kong Securities and Futures Commission. The Northern Trust Company has a Singapore Branch which is a foreign wholesale bank regulated by the Monetary Authority of Singapore. The Northern Trust Company has a branch in China regulated by the China Banking Regulatory Commission. Northern Trust Global Investments Japan, K.K. is regulated by the Japan Financial Services Agency. Northern Trust Global Services Ltd (UK) Sweden Filial is authorised by the Financial Services Authority and subject to regulation by the Finansinspektionen. Northern Trust Global Investments Limited has a Netherlands branch which is authorised by the Financial Services Authority and subject to regulation in The Netherlands by the Autoriteit Financiele Markten. Northern Trust Global Investments Limited has a Sweden branch which is authorised by the Financial Services Authority and subject to regulation in Sweden by the Finansinspektionen.
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