Northern Trust has been selected by the Merseyside Pension Fund, Wirral Metropolitan Council (Merseyside), to provide global custody, investment accounting, securities lending and commission recapture services for £4.5bn ($7.2bn) in pension fund assets.
Following the recent appointment of the US based financial holding company, its total assets under custody for local government pension schemes (LGPS) had touched $100bn (£65bn), representing a 43% share of the total LGPS market in the UK by asset size.
The pension fund head Peter Wallach said the appointment represents its ability to provide a single platform for reporting and managing all its assets, enabling the company to save time and resources.
Northern Trust offers a number of custody and related services to UK pension funds, as well as manages offices in 18 US states and 16 international locations in North America, Europe, the Middle East and the Asia-Pacific region.
As of 30 September 2012, the company had $4.8 trillion assets under custody and $749.7bn assets under investment management.