Northern Trust will provide custody and performance measurement services to 700 million ($1.1 billion) in assets for The Alcatel Pension Scheme – the global telecommunications corporation.
For equity investments, the custody service was previously provided by BNY Mellon through Newton. For fixed income investments, the service was already provided by Northern Trust through Insight.
“We appointed Northern Trust based on its conservative business model, financial strength, focus on the pensions sector and integrated reporting capability,” says Bill Kear, pensions manager at The Alcatel Pension Scheme. “They understand our unique requirements and challenges and can offer us a range of cost-effective asset servicing solutions to help us manage our business.”
Through its Web-based client portal Passport, Northern Trust will provide Alcatel with access to investment valuations, general ledger accounting, specialist financial reporting, performance measurement, compliance monitoring and risk analytics.
Separately, Spains Inversis Bank Institutional has reached an agreement with Morgan Stanley to support its European subsidiarys hedge fund business.
Morgan Stanley will initially transfer to Inversis Bank Institutional assets amounting to more than $250 million in order for the Spanish bank to provide administration and custody services for its hedge fund holdings. Services rendered by Inversis Bank Institutional will comprise, among others, order routing and settlement of trades over hedge fund units or shares and the administration of corporate actions related to Morgan Stanleys holdings in such investments.
Inversis Bank Institutional has expanded the range of its funds platforms services to include hedge funds. Its aim is to offer a standardized service to these funds.
“This agreement is in line with our strategic focus to expand our client base abroad and to become a leading global provider of securities services, says Salvador Martn, managing director of Inversis Bank Institutional. We still continue with our strategic approach to broaden our services as an international fund platform for supporting the hedge funds business.”
Inversis Bank Institutional has 85 institutional clients with assets amounting to more than 38 billion.
(JDC)