Northern Trust has been appointed to provide global custody services to $65 million (approximately GB41 million) in council assets for the Shetland Islands Council. This latest win complements GB234 million in assets Northern Trust already custodies for Shetland Pension Fund.
We have developed a strong relationship with Northern Trust since we appointed them as custodian for the Pension Fund in 2002, says Colin Bain, treasury accountant at the council. Their ability to deliver tailored reporting that meets our requirements is of key importance to us and it made logical sense for us to extend our mandate to include our council assets.
The Shetland Islands, which lie 600 miles North of London, comprise over 100 islands 15 of which are inhabited. The council is one of 32 local authorities across Scotland and serves a population of approximately 22,000 people.
We are delighted to have been awarded custody of these assets for the Council, further extending our relationship with Shetland, says Penelope Biggs, head of Northern Trusts Institutional Investor Group for Europe, Middle East and Africa. We look forward to continuing to work with the Council to support their unique and evolving requirements.