Northern Trust appointed by major UK Pension Fund
Northern Trust, a BSCC Patron member, has been appointed to provide a range of asset servicing solutions to the UK’s Coal Pension Trustees Services (CPT) which controls around £18.4bn. This places the pension fund amongst Britain’s 10 largest- although, comparatively, Northern Trust hold under custody/administration approximately £10.4tn and a further £990bn AUM. The company, founded in 1889 in Chicago, is a leading provider of wealth management, asset servicing, asset management and banking for families or organisations.
This appointment will provide the historic CPT with valuation reporting, performance measurement, securities lending, foreign exchange and global custody services. The head of the UK Institutional Investor Group at Northern Trust went on to say that the company’s “technology, global scale and knowledge of the retirement industry all equip us in delivering services” to CPT. You can read more here.