The Northern Pool to Partner with Northern Trust for £46bn Mandate
April 19 2018 - 4:38AM
Business Wire
Mandate for UK Local Government Pension Pool
includes Services to Support Governance and Transparency
The Northern Pool has appointed Northern Trust (Nasdaq: NTRS),
subject to contract, to provide a broad range of custodial and
administration services, including securities lending, private
equity fund administration, compliance monitoring and carbon
reporting.
The appointment follows a very competitive process which was
supported by the global post-trade risk and custody specialists,
Thomas Murray.
The newly-created pool, comprising Greater Manchester Pension
Fund, West Yorkshire Pension Fund and Merseyside Pension Fund, is
one of the largest of eight local government pension pools in the
UK, and has £46bn (approx. $65.8bn) of assets under management.
As the Northern Pool implements its operating infrastructure,
this appointment underlines its commitment to ensuring the highest
levels of asset safety, governance and transparency in reporting,
and includes specialist private equity fund administration
solutions for its allocation to alternative assets.
“Northern Trust is delighted to support the Northern Pool with a
range of services, including reporting solutions to meet their
requirements for heightened investment governance and transparency
over investments,” said James Wright, head of Northern Trust’s
Institutional Investor Group, for the UK, Middle East and Africa.
“We are excited to be working alongside them to deliver tailored
solutions that match the scale of their ambitions.”
Northern Trust is a leading private equity fund administrator
and recently expanded its capabilities in the UK, responding to
increasing client allocations to this asset class. It is also a
leading asset servicing provider of alternative investments more
broadly, servicing more than US$1 trillion of assets worldwide on
behalf of leading asset managers and asset owners.
Ian Greenwood, chair of the Northern Pool, said: “We appointed
Northern Trust based on their proven experience in the UK pensions
market and their ability to offer us a range of holistic reporting,
custody and alternative administration solutions, in accordance
with the government’s requirements of putting the highest and most
expedient levels of regulation and asset safety at the heart of the
Northern Pool.
“Their collaborative approach and willingness to support our
evolving requirements with bespoke solutions were key factors in
their appointment.”
Northern Trust has an ongoing commitment to pension schemes,
with clients including some of the UK’s largest and most
sophisticated investors. It offers an extensive range of services
to UK schemes, from assisting with their challenges around risk,
regulation, transparency and governance, to meeting requirements
for heightened investment oversight and control through data
aggregation and book of record solutions.
About The Northern Pool
The Northern Pool is one of Britain’s largest public investment
funds. It has been formed from the combined assets of the Greater
Manchester, West Yorkshire and Merseyside local government pension
scheme (LGPS) funds, and represents about a fifth of total LPGS
assets with £46bn of funds under management.
About Thomas Murray
TM is a unique provider of insights into the various risks to
which investors are exposed through their arrangements with global
custodians and depositary banks, and their subsequent network
exposures to sub-custodians, capital market infrastructures and
central securities depositories. Founded in 1994, TM has offices in
the UK (London - its headquarters), Australia (Melbourne) and
Canada (Toronto), and it also has representation in New York.
www.thomasmurray.com
About Northern Trust
Northern Trust Corporation (Nasdaq: NTRS) is a leading provider
of wealth management, asset servicing, asset management and banking
to corporations, institutions, affluent families and individuals.
Founded in Chicago in 1889, Northern Trust has offices in the
United States in 19 states and Washington, D.C., and 23
international locations in Canada, Europe, the Middle East and the
Asia-Pacific region. As of March 31, 2018, Northern Trust had
assets under custody/administration of US$10.8 trillion, and assets
under management of US$1.2 trillion. For more than 125 years,
Northern Trust has earned distinction as an industry leader for
exceptional service, financial expertise, integrity and innovation.
Visit northerntrust.com or follow us on Twitter @NorthernTrust.
Northern Trust Corporation, Head Office: 50 South La Salle
Street, Chicago, Illinois 60603 U.S.A., incorporated with limited
liability in the U.S. Global legal and regulatory information can
be found at https://www.northerntrust.com/disclosures.
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Northern TrustEurope, Middle East, Africa &
Asia-Pacific Contact:Camilla Greene+44 (0) 207 982
2176Camilla_Greene@ntrs.comorMat Barling+44 (0) 207 982
1445Mathew_Barling@ntrs.comorUS & Canada Contact:John
O’Connell+1 312 444 2388John.O'Connell@ntrs.com
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