Northern Trust extends mandate with Strathclyde 05 December 2013London Reporter: Georgina Lavers
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Northern Trust has re-secured a mandate with UK government pension scheme Strathclyde for the fourth consecutive term.
Strathclyde is the largest local government pension scheme in the UK by asset size.
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 £13.7 billion in pension assets, with the addition of tailored investment risk and performance services.
Richard McIndoe, head of pensions at Strathclyde, said: “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,” said 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 percent 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.
“We understand local government pension schemes face unique challenges and being part of the Framework Agreement, under which local government pension schemes can benefit from pre-agreed tariffs and services underlines our continued commitment to the sector,” said Douglas Gee, head of institutional sales at Northern Trust. “Through our Retirement Solutions Practice, we continue to look for innovative ways to invest in the depth and complexity of services we can offer pension funds.”
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