Northern Trust has announced that it will provide custody services to the GBP350 million (approximately USD579 million) Royal Borough of Kensington and Chelsea Pension Fund.
Northern Trust currently provides asset servicing and asset management solutions to more than 1000 pension funds globally including 33% of all UK local government pension schemes.
We appointed Northern Trust following a competitive tender process, said Paul Kidd, head of financial services for the Royal Borough. Northern Trust has earned a reputation as a strong and stable institution focused on providing custody services. This coupled with technology and cost-effective fees made them the best choice for us.
Northern Trust remains firmly committed to the local government pension sector, and we are delighted to have been selected to provide custody for the Fund, said Penelope Biggs, head of institutional business development, EMEA.