LONDON--(BUSINESS WIRE)--Northern Trust (NASDAQ:NTRS) has been awarded a GB£4.6 billion (approximately US$7.5 billion) mandate to provide global custody, securities lending, transition management, investment risk and analytical services, cash and foreign exchange services to Lancashire County Council, one of the United Kingdom’s largest local government pension schemes. The mandate encompasses both pension fund and treasury assets.
“Northern Trust will act as our single book of record across our pension fund and treasury assets, which is very attractive to us especially given the mix of investments we use, the different analysis needed and the overall reporting requirements we have,” said Mike Jensen, head of pensions and treasury at Lancashire County Council. “Other key factors in our decision to appoint Northern Trust were its focus on, and expertise in, asset servicing for pension fund and treasury assets; the fact that it can provide a tailored securities lending programme and transition management capability; and its excellent reputation in the local government pension scheme sector, all of which gave us additional confidence in Northern Trust’s ability to understand and meet our requirements now and in the future,” added Jensen.
“Local government pension schemes are operating within an ever-changing regulatory, economic and investment environment and face particular opportunities and challenges,” said Douglas Gee, institutional business development manager for asset servicing at Northern Trust. “We are able to support these clients not only through the products and services we offer, but also through our Retirement Solutions Practice, which provides insights into the complexities of the regulatory landscape. The local government pension scheme sector in the United Kingdom is a key segment, in which Northern Trust has a great deal of expertise, stretching back many years. We work with 37 percent of UK local government pension schemes, and we are delighted to now be able to name Lancashire County Council amongst our clients.”
Lancashire County Council was advised by consultants, Thomas Murray, and follows other local government pension scheme wins announced by Northern Trust this year. These include the GB£3.2 billion (approximately US$5 billion) Lothian Pension Fund, the GB£1.2 billion (approximately US$2 billion) Dyfed Pension Fund and the GB£739 million (approximately US$1.2 billion) London Borough of Wandsworth. In addition to expertise in the local government pension scheme sector, Northern Trust provides custody and related services to more than one third of the top 200 pension funds in the United Kingdom.
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 June 30, 2011, Northern Trust had assets under custody of US$4.4 trillion, and assets under investment management of US$684.1 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.
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, 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.
- 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.