Northern Trust has been selected to provide global custody services for the GBP350 million (approximately USD575 million) Parliamentary Contributory Pension Fund (PCPF), the pension scheme for Members of Parliament, Government ministers, and other Parliamentary office holders, in the UK.
Northern Trust is delighted to have been awarded this high-profile mandate, said Penelope Biggs, head of institutional business development for Northern Trust in EMEA.
As the retirement market continues to evolve, we see a growing demand from our pension fund clients for access to expertise and information on pensions, investments, government and regulatory issues, as well as proprietary research into market-related issues such as risk management, pan-European pensions and fiduciary management. Our Retirement Solutions Practice, which brings together industry professionals from across Northern Trusts asset servicing and asset management businesses within a single advisory group does just that, and is one of the many things we can offer clients, such as PCPF, she adds.
This announcement follows closely that of Northern Trusts appointment as custodian for the GBP350 million (USD579 million) Royal Borough of Kensington and Chelsea.