Largest U.K. LGPS Reappoints Northern Trust as Global Custodian

Strathclyde, the largest local government pension scheme (LGPS) in the U.K. by asset size, with approximately $22 billion in assets, has reappointed Northern Trust as custodian for the fourth consecutive term.
By Jake Safane(2147484770)
Strathclyde, the largest local government pension scheme (LGPS) in the U.K. by asset size, with approximately $22 billion in assets, has reappointed Northern Trust as custodian for the fourth consecutive term.

In addition to providing global custody, Northern Trust will also continue its services of securities lending, cash management and foreign exchange, and for this term the contract adds tailored investment risk and performance services.

“We are very pleased to continue our longstanding relationship with Northern Trust,” says Richard McIndoe, head of pensions at Strathclyde. “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,” says 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 was recently named one of six custodians by National LGPS Frameworks, which went into effect in November and enables these funds to procure custody services under a defined framework.

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