Northern Trust has been reappointed as custodian by the Los Angeles City Employees’ Retirement System (LACERS) following a full due diligence process conducted by the fund’s directors.
Under the renewal approved this month, Northern Trust will extend its 16-year relationship with LACERS, providing global custody, securities lending, benefit payment and risk and performance services for the Los Angeles system.
LACERS is responsible for the administration of the city’s pension plan to more than 30,000 active employees and 15,000 retirees and beneficiaries. The LACERS portfolio has $11.6 billion in assets.
“We are pleased to extend our relationship with LACERS and renew our commitment to Los Angeles. As public pension boards conduct reviews required by proper fund governance, Northern Trust has consistently won renewals based on a strong combination of client service, technology innovation and our commitment to public funds,” says Connie Lindsey, executive vice president and group head of the Public Entities and Institutions segment in the Corporate and Institutional Services business unit, Northern Trust.
“During the open bid and review process, Northern Trust reaffirmed its commitment to providing the best customer service to our system and our members,” adds Robert Aguallo, Jr., general manager, LACERS.