Northern Trust says the Delaware Public Employees’ Retirement System has appointed the bank as custodian for its retirement plans and commingled pension funds, which between them control assets worth US$6.5 billion. The agreement, effective 1 July, includes domestic and global custody and related services, including cash management and securities lending.
“We are proud to be named global custodian for the Delaware system and its more than 60,000 retirees and active members,” says Mark Doherty, Vice President, Northern Trust. “This appointment underscores our commitment to public employee funds and the value of our service offering, including a single, worldwide technology and operations platform and the full range of online capabilities for daily valuation, pricing, accounting and reporting available through our Web portal, Northern Trust Passport.”
The Delaware Public Employees’ Retirement System consists of nine retirement plans and four commingled pension funds, including the State Employees’ Plan, Delaware Volunteer Firemen’s Plan, State Police and Judiciary plans. The system had 61,908 members, including 20,363 retirees and beneficiaries, at 30 June 2005.