Northern Trust Global Investments has been appointed by the Royal Borough of Kensington and Chelsea to provide transition management services and run an 80 million index portfolio for 6 months.
The appointment adds to Northern Trusts existing asset servicing relationship with the borough, to which it provides custody services for around 450 million in assets.
We appointed NTGI based on their track record of performance in providing custody services to us since 2009, as well as their strong reputation for transition management, says Paul Kidd, head of financial services at the Royal Borough of Kensington and Chelsea. We also recognized the efficiencies in consolidating our custody and transition management requirements into one provider.
Simon Hutchinson, head of transition management for Europe, Middle East and Africa and Asia Pacific at NTGI, adds: The ability to demonstrate robust management processes and provide transparency in how operational, counterparty, liquidity and market risks are being managed remain top concerns for clients looking for a transition manager. At NTGI we manage risk in real time and have close dialogue with managers, clients and consultants to provide enhanced solutions and greater visibility around challenging areas.
Penelope Biggs, head of the institutional investor group at Northern Trust, adds: We are delighted to extend our asset management capabilities to the Royal Borough of Kensington and Chelsea. Northern Trust remains firmly committed to the local government pension sector, and look forward to continuing to support the Borough.