Northern Trust has been appointed the global custodian and asset servicing provider for the UK House of Fraser Beatties & Jenners Pension Scheme.
The scheme represents £800 million in assets for approximately 10,000 members across the UK.
“Appointing Northern Trust as our global custodian and asset servicer provides us with the safekeeping and transparency we require for our day-to-day business. We look forward to working closely with Northern Trust in managing our scheme’s investments,” said Suzanne Willshire, trustee director, House of Fraser Beatties & Jenners Pension Scheme.
Last year, Northern Trust was appointed the custodian and fund administrator for Northern Pool, a £46 billion pension fund group comprising of the Greater Manchester Pension Fund, West Yorkshire Pension Fund and Merseyside Pension Fund, and is one of the largest of eight local government pension pools in the UK.
The Chicago-based custodian provides asset servicing solutions to over 260 UK pension funds with collectively more than £600 billion in assets under custody (as at 30 June 2019). Services provided span private, public sector, defined benefit and defined contribution schemes.
“The retirement industry is central to Northern Trust’s business – every day we partner with pension schemes to support their strategies and long‐term objectives. We are delighted to work with the House of Fraser Beatties & Jenners Pension Scheme team in this way – meeting their needs for asset servicing expertise while enabling close control and oversight over investments,” added Mark Austin, head of UK Institutional Investor Group, Northern Trust.