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Northern Trust renews UK gov mandate
05 December 2013
The custodian bank will provide additional services to the Strathclyde government pension scheme
Northern Trust has renewed its mandate with the £13.7bn ($22.4bn) Strathclyde government pension scheme.
The custodian bank will continue to provide global custody, securities lending, cash management and foreign exchange services. It will also provide the scheme with tailored investment risk and performance services for the first time.
Richard McIndoe, head of pensions at Strathclyde, said: “Northern Trust understands our specific requirements and through their range of high-quality tailored solutions continues to demonstrate their commitment to the local government pension sector.”
“We understand local government pension schemes face unique challenges and being part of the Framework Agreement, under which local government pension schemes can benefit from pre-agreed tariffs and services underlines our continued commitment to the sector,” said Douglas Gee, head of institutional sales at Northern Trust.
“Through our Retirement Solutions Practice, we continue to look for innovative ways to invest in the depth and complexity of services we can offer pension funds.”