Northern Trust wins securities lending mandate
27 July 2011 London
Image: Shutterstock
Northern Trust has been awarded a GBP 4.6 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 UK'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 GBGBP 3.2 billion (approximately US$5 billion) Lothian Pension Fund, the GBGBP 1.2 billion (approximately US$2 billion) Dyfed Pension Fund and the GBGBP 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.
"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 GBGBP 3.2 billion (approximately US$5 billion) Lothian Pension Fund, the GBGBP 1.2 billion (approximately US$2 billion) Dyfed Pension Fund and the GBGBP 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.
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