Northern Trust has won two contracts under the National local government pension scheme (LGPS) Framework for global custody services with Cambridgeshire and Northamptonshire UK pension funds.

Northern Trust will provide global custody, investment accounting and securities lending for the funds’ collective £4bn ($6.8bn) in pension fund assets.

“Northern Trust’s strong reporting capabilities and innovative product suite can provide us with enhanced levels of governance, oversight and transparency over our investments,” said Tolu Osekita, responsible for managing investments for the Cambridgeshire and Northamptonshire pension funds.

“It was evident Northern Trust has a strategic focus on the LGPS market and their proven commitment to this segment is incredibly valuable to us.”

This win marks the second appointment for Northern Trust under the National LGPS Framework following its appointment by the Devon County Council pension fund.

“Against the backdrop of an increasingly complex regulatory landscape and the focus on ensuring the highest standards of operational and financial efficiency, we understand that our LGPS clients face unique challenges,” said Penelope Biggs, head of institutional investor group for Emea, Northern Trust.