Northern Trust increased its assets under custody (AuC) from new U.K. pension fund clients by approximately 20 billion last year.
The custodian had 12 new client wins, including the 5 billion Merseyside Pension Fund and the 700 million Alcatel Pension fund.
The October appointment by Merseyside boosted Northern Trusts total AuC for U.K. local government pension schemes past the $100 billion mark. Northern Trust says that represents a 43% market share of local government pension schemes.
The custodian says it services approximately 35% of the top 200 pension funds in the U.K.
“Through our Institutional Governance Services group, we continue to look for innovative ways to invest in the depth and complexity of services we can offer pension funds, and it is gratifying to see this investment being rewarded by a demand for more tailored and sophisticated asset servicing solutions by our clients, says Douglas Gee, head of business development for Northern Trust’s Institutional Investor Group (IIG) for the UK and Ireland.
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