Northern Trust gains securities lending mandate for the UK coal pension schemes
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Northern Trust gains securities lending mandate for the UK coal pension schemes 24 May 2021UK Reporter: Maddie Saghir
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Northern Trust is set to provide asset servicing solutions to Coal Pension Trustees Services (CPT), the in-house executive company owned by the British Coal Staff Superannuation Scheme and the Mineworkers’ Pension Scheme.
Northern Trust is providing CPT with securities lending, valuation reporting, performance measurement, foreign exchange and global custody services.
This includes operational and data solutions to support the oversight and governance models such as specialist fund administration and analytics for its private markets portfolio.
The combined assets of the British Coal Staff Superannuation Scheme and the Mineworkers’ Pension Scheme equate to $26 billion.
CPT invests these assets on behalf of the two schemes, with the objective of delivering sustainable long-term returns for their members’ retirement provision.
Mark Austin, head of UK, institutional investor group at Northern Trust, explains: “Northern Trust’s technology, global scale and knowledge of the retirement industry all equip us in delivering services to support CPT’s long-term objectives and future requirements.”
“While the current environment is driving significant complexity and challenge for UK pensions, we are well-placed to help administer their evolving mix of investments and help clients meet their obligations around governance, reporting and risk management,” he says.
Janka Unsworth Deckerova, head of financial operations at CPT, comments: “As we work to deliver retirement provision to members of our two schemes, Northern Trust’s capabilities support the investment activities and broader decision-making of teams across our organisation.”
“Its ability to provide high-quality data to support our public and private market investments, as well as our evolving operating model and data strategy, were among the reasons for this appointment,” Deckerova adds.
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