The London Borough of Wandsworth has consolidated its pension scheme with Northern Trust, replacing State Street and J.P. Morgan.
Northern Trust will provide global custody and investment accounting services to the $1.2 billion scheme.
Peter Harris, pension fund controller at London Borough of Wandsworth, said that consolidating pension schemes was the common approach. The scheme began the Request For Proposal process in April 2009. Five custodians responded to Wandsworths RFP.
The mandate adds another UK state pension fund to Northern Trust’s books. In April 2010, Northern Trust poached West Sussex Pension Fund from State Street. Northern Trust also acts as custodian to the Strathclyde Pension Fund, the largest Local Government Pension Scheme in the United Kingdom, and provides custody asset servicing and asset management solutions to approximately one-third of the top 200 pension funds in the UK.
Giles TurnerNews Editor