LONDON--(BUSINESS WIRE)--Northern Trust (Nasdaq:NTRS) announced today that it has been appointed by the Dyfed Pension Fund, administered by Carmarthenshire County Council, to provide global custody and investment accounting services for GP£1.2 billion (approximately US$2 billion) in pension fund assets. This is the latest appointment in a series of Local Government Pension Scheme wins announced by Northern Trust.
The council, which appointed Northern Trust following a competitive tender, was looking to extend the services it received from its custodian.
"We selected Northern Trust as they demonstrated expertise in core asset servicing for UK pension funds, including investment accounting, which will be a new service for the Fund,” said Anthony Parnell, Treasury & Pension Investments Manager at Carmarthenshire County Council. “Furthermore, Northern Trust has a comprehensive understanding of the Local Government Pension Schemes market in the UK and we were impressed by its proprietary online reporting portal, Passport®. Alongside a competitive fee schedule, these were key criteria in this appointment."
"We are delighted to have been appointed by Carmarthenshire County Council," said Penelope Biggs, Head of the Institutional Investor Group at Northern Trust. “Northern Trust services over one third of all Local Government Pension Schemes in the UK and this latest appointment underpins our continued commitment to this market. We understand our Local Government Pension Schemes clients have specific requirements and our Retirement Solutions Practice has been specifically designed to provide all our UK pension fund clients with insight into regulatory issues and trends affecting them, in addition to delivering innovative asset servicing solutions that meet their specific requirements.”
Northern Trust recently announced it grew the part of its custody business servicing local government pension schemes in the UK with the addition of US$10 billion in new client assets in 2010. The company now provides custody and related services to 36 percent of the Local Government Pension Scheme market in the UK.
About Northern Trust
Northern Trust Corporation (Nasdaq: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 December 31, 2010, Northern Trust had assets under custody of US$4.1 trillion, and assets under investment management of US$643.6 billion. For 121 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.
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.
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- 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 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.
- The Northern Trust Company operates in Australia as a foreign authorised deposit-taking institution (foreign ADI) and is regulated by the Australian Prudential Regulation Authority.
- The Northern Trust Company of Hong Kong Limited is a securities company regulated by the 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 Financiële 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.