Northern Trust announced it has been selected to provide asset servicing for the Employees’ Retirement System of the Puerto Rico Electric Power Authority (ERS-PREPA), a public pension plan covering more than 18,000 active and retired members. Services include custody, accounting, compliance monitoring and securities lending for the $1.5 billion fund.
“Northern Trust has proven expertise with the public sector and a strong client service model that was made evident throughout the selection process. The team’s depth of experience combined with Northern Trust’s robust technology platform will provide us with the tools necessary to make responsible investment decisions regarding our employees’ retirement assets. Specifically, the Passport reporting system and compliance monitoring capabilities were very important to our decision,” says Otoniel Cruz, administrator, ERS-PREPA.
“Sophisticated public fund clients such as ERS-PREPA call for top-notch service and technology. They will utilise our daily portfolio reports, industry expertise and other leading capabilities to effectively manage employee investment,” says Jon Dunham, head of North American Asset Servicing Sales, Northern Trust.