Northern Trust has won its seventh custody mandate for local government pension fund, as it continues its drive into the U.K. pension funds market.
Northern Trust will provide global custody, performance measurement and valuation services for the London Borough of Brent, which manages around £650 million in pension fund assets.
The mandate is the seventh appointment for Northern Trust under the National Local Government Pension Scheme (LGPS) framework.
“We chose Northern Trust because of their well -established credentials in the Local Government Pension Service, and their understanding of issues which are specific to the field,” says Conrad Hall, chief finance officer at Brent Council.
Earlier this year, Northern Trust set up a collective investment vehicle for London’s local authorities’ pension funds, pooling their funds under one roof.
“Local government pension schemes have long found themselves under pressure to become more efficient and cost effective,” says Penelope Biggs, head of Institutional Investor Group at Northern Trust in Europe, Middle East and Africa.
“We are dedicated to supporting the LGPS sector and, servicing over one third of the market, our experts are passionate about helping to drive innovation and promote good governance.”