LLoyd's Superannuation Fund Selects Northern Trust As Global Custodian

Northern Trust has been signed to provide custody services and performance measurement to the £365 million (approximately US$627 million) Lloyd's Superannuation Fund. "Following the decision to diversify the management of the Fund's assets through the appointment of four differing managers,

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Northern Trust has been signed to provide custody services and performance measurement to the £365 million (approximately US$627 million) Lloyd’s Superannuation Fund.

“Following the decision to diversify the management of the Fund’s assets through the appointment of four differing managers, each with its specific class of assets and distinct mandate, we considered it appropriate to appoint a global custodian,” said Bob Clark of Lloyd’s Superannuation Fund. “We saw the benefits being a single point of reference for the security of our assets, consistent valuation of the Fund’s assets and the independent measurement of the performance of the managers.”

Jemma Broadgate, the director of UK asset servicing arrangements at Northern Trust, has noticed a growing trend of UK pension funds looking to global custodians for service.

“UK pension funds are an important segment for Northern Trust and we are seeing more UK pension funds moving to global custodians for their custody and value added services arrangements,” said Jemma Broadgate, director of UK asset servicing sales at Northern Trust. “In particular, more and more UK pension funds are coming to us with performance measurement briefs, driven by their increasing need to achieve increased accountability, transparency and profitability.”

The Fund was advised by Watson Wyatt in its custody review.

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