Northern Trust has been retained as trustee and custodian for the Halifax Regional Municipality Master Trust, which includes two pension plans with combined assets of approximately $1.35 billion Canadian dollars.
As per the mandate, Northern Trust will provide custody, securities lending, and benefit payment services.
“Northern Trust’s advanced technology gives us access to key data in a variety of report formats and automates our benefit payment system,” says Terri Troy, chief executive officer for the Halifax Regional Municipality Pension Plan. “Northern Trust’s online payment system allows us to pay invoices and transfer cash between accounts on a more timely and accurate basis. We can also quickly and efficiently analyze various components of our portfolio, which aids us in the investment decision making process.”
The Trust had considered appointing its own Pension Committee or a subset of the Pension Committee and the CEO to be the trustee, in order to speed up the process of reviewing investment documents. However, the Committee ultimately decided not to take that step due to potential cost and liability concerns.
Northern Trust Renews Halifax Custody Mandate
Northern Trust has been retained as trustee and custodian for the Halifax Regional Municipality Master Trust, which includes two pension plans with combined assets of approximately $1.35 billion Canadian dollars.