NORTHERN TRUST
London Borough of Brent Appoints Northern Trust for GB£650 Million Mandate
Seventh Appointment Under National Local Government Pension Scheme Underlines Leadership Position in Sector
LONDON, July 17, 2015 -
Northern Trust (Nasdaq: NTRS) has been appointed by the London Borough of Brent to provide global custody, performance measurement and valuation reporting services for its GB£650 million (approximately US$1 billion) in pension fund assets.
This landmark win marks the seventh appointment for Northern Trust under the National Local Government Pension Scheme (LGPS) Framework, reinforcing its leadership position in the LGPS market and underlining its commitment to offering tailored, specialist services for its clients.
"We chose Northern Trust because of their well-established credentials in the Local Government Pension Service, and their understanding of issues which are specific to the field," said Conrad Hall, chief finance officer at Brent Council.
Earlier this year Northern Trust announced it had worked with London's boroughs and the City of London, collaborating through London Councils, to establish a tax-transparent pooled fund, enabling the London boroughs to achieve economies of scale and provide a platform for significant cost savings.
"Local government pension schemes have long found themselves under pressure to become more efficient and cost effective," said Penelope Biggs, head of Institutional Investor Group at Northern Trust in Europe, Middle East and Africa. "At Northern Trust, we are dedicated to supporting the LGPS sector and, servicing over one third of the market, our experts are passionate about helping to drive innovation and promote good governance. We worked closely with Brent to ensure we delivered a tailored a solution to meet their evolving needs, helping to drive efficiencies."
Northern Trust offers an extensive range of services to more than 150 UK pension schemes, including 37 percent of the total LGPS market, 31 percent of the top 100 UK funds and six of the top 10 pension funds in the UK. Northern Trust has an ongoing commitment to LGPS and hosts a regular programme of educational workshops, providing updates on the latest developments impacting the industry.
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 20 international locations in Canada, Europe, the Middle East and the Asia-Pacific region. As of March 31, 2015, Northern Trust had assets under custody of US$6.1 trillion, and assets under management of US$960.1 billion. For 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.http://www.northerntrust.com/disclosures.
This landmark win marks the seventh appointment for Northern Trust under the National Local Government Pension Scheme (LGPS) Framework, reinforcing its leadership position in the LGPS market and underlining its commitment to offering tailored, specialist services for its clients.
"We chose Northern Trust because of their well-established credentials in the Local Government Pension Service, and their understanding of issues which are specific to the field," said Conrad Hall, chief finance officer at Brent Council.
Earlier this year Northern Trust announced it had worked with London's boroughs and the City of London, collaborating through London Councils, to establish a tax-transparent pooled fund, enabling the London boroughs to achieve economies of scale and provide a platform for significant cost savings.
"Local government pension schemes have long found themselves under pressure to become more efficient and cost effective," said Penelope Biggs, head of Institutional Investor Group at Northern Trust in Europe, Middle East and Africa. "At Northern Trust, we are dedicated to supporting the LGPS sector and, servicing over one third of the market, our experts are passionate about helping to drive innovation and promote good governance. We worked closely with Brent to ensure we delivered a tailored a solution to meet their evolving needs, helping to drive efficiencies."
Northern Trust offers an extensive range of services to more than 150 UK pension schemes, including 37 percent of the total LGPS market, 31 percent of the top 100 UK funds and six of the top 10 pension funds in the UK. Northern Trust has an ongoing commitment to LGPS and hosts a regular programme of educational workshops, providing updates on the latest developments impacting the industry.
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 20 international locations in Canada, Europe, the Middle East and the Asia-Pacific region. As of March 31, 2015, Northern Trust had assets under custody of US$6.1 trillion, and assets under management of US$960.1 billion. For 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.http://www.northerntrust.com/disclosures.
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