Northern Trust has been appointed to provide transition management services to Northumberland County Council Pension Fund, extending its ten-year relationship with the local government pension scheme.
Northern Trust already provides custody and related services, including securities lending and commission recapture, to Northumberland County Council Pension Fund, and we are delighted to further extend our relationship, says Ray Bloom, head of UK government institutions at Northern Trust. We understand that local government pension funds have unique requirements, whether theyre looking for investment expertise, support and advice around regulation, and ensuring transparency and accurate reporting, or a tailored custody solution, and thats why at Northern Trust we have a group dedicated to supporting our local government pension scheme clients needs.
Northern Trust provides custody and related services to 36%of the local government pension schemes in the UK. This latest appointment follows a series of local government pension scheme mandates announced by Northern Trust this year, including Lancashire County Council and Lothian Pension Fund, and further underpins Northern Trusts commitment to the sector.
The longevity of our existing relationship with Northern Trust played a strong part in our selection, says Derek Kennedy, chairman of the pension fund panel at Northumberland County Council Pension Fund. We were impressed by their ability to provide us scalable, flexible solutions and demonstrated a competitive transition management offering.
Simon Hutchinson, head of transition management for Europe, Middle East, Africa and Asia Pacific at Northern Trust, adds: Transparency and the ability to demonstrate robust management processes remain key concerns for clients across all sectors, and particularly local government pension schemes, looking for a transition manager. We see an increasing demand from local government pension schemes, such as Northumberland County Council, for our transition management services, and we are pleased to support their requirements.
(CM)