The West Sussex Pension Fund has swapped custodians from State Street to Northern Trust. According to Rachel Wood, investment strategist at the fund, the move came after a “full procurement exercise and Northern Trust were the most economically advantageous tender.”
Northern Trust will provide global custody and investment accounting services to approximately 1.5 billion ($2.23 billion) in pension fund assets.
Northern Trust has had some success in the UK market. 2009 saw the custodian win 10 new clients, most notably the Parliamentary Contributory Pension Scheme and the Royal Borough of Kensington and Chelsea pension scheme.