The government of Jersey has appointed Chicago-based Northern Trust to provide data, analytics and consolidated reporting to £3.2bn ($4.9bn) in assets.
The trust was selected following a competitive tender, to provide master record keeping across the States of Jersey’s Common Investment Fund, the Jersey Teachers’ Superannuation Fund, and the States of Jersey Public Employees Contributory Retirement Scheme.
The selection boosts Northern Trust’s relation with States of Jersey, as the firm is already offering custody, investment accounting and performance services for the States of Jersey’s Common Investment Fund (CIF) and the Jersey Teachers’ Superannuation Fund.
States of Jersey treasurer Laura Rowley said Northern Trust had demonstrated that they could support its unique and evolving requirements.
"Northern Trust’s customised solution, which included accounting, performance measurement, and compliance monitoring across all of our entities, is supported by their ability to look through to our underlying holdings within our pooled funds and provide better reporting and risk analysis," Rowley added.
Northern Trust UK sales for the institutional investor group head Douglas Gee said, "By leveraging both our experience servicing multinational organisations and our global operating platform and reporting portal, Passport, we are able to support States of Jersey’s consolidated reporting needs."
The firm caters custody and related services to nearly 34% of the major 200 pension funds in the UK and 36% of all UK Local Government Pension Schemes.