Northern Trust has been appointed global custodian to the newly created TotalFinaElf UK Pension Plan, representing about 1 billion in assets under custody.
Northern Trust was appointed by The Trustees of the newly created plan, which was created from the merger of 13 legacy schemes within TotalFinaElf in the UK. Northern Trust had had custody of the Elf Exploration UK Pension Plan assets since 1989. Northern Trust provides global custody and related services, on-line services via Global Investor PassportSM, short-term cash management, and risk and performance services.
“We are very pleased to expand our relationship with TotalFinaElf in the UK,” comments Penny Biggs, Senior Vice President, Corporate & Institutional Services. “Their continued trust in our services is confirmation that we are providing the right combination of products and servicing to meet their needs.”
Lester Farrant, Manager of the new TotalFinaElf UK Pension Plan said, “Following the mergers of Total with Fina in 2000 and subsequently with Elf in 2001, we have now consolidated the defined benefit pension arrangements for the UK staff into a single plan. Bringing the custody arrangements for the plan’s assets together under the management of a single global provider was a logical step and we look forward to working with Northern Trust in managing the plan’s assets.