Wirral Metropolitan Council in Merseyside, administering authority for the Merseyside Pension Fund, has appointed Northern Trust to provide global custody, investment accounting, securities lending and commission recapture services for 4.5 billion ($7.2 billion) in pension fund assets.
Including this mandate, the custodian has $100 billion (65 billion) of the local government pension schemes (LGPS) in assets under custody, representing 43% share of the total LGPS market in the UK (by asset size).
“Northern Trust’s ability to customize their asset servicing reporting capabilities to meet our requirements, combined with their proven track record in the LGPS market were key factors in their appointment,” said Peter Wallach, head of Merseyside Pension Fund. “In particular the ability to provide a single platform for reporting and managing all our assets should enable us to save time and resource.”
(JDC)