With this addition, Northern Trust provides custody and related services to 36% of the local government pension schemes in the UK.
The expansion of services follows a series of local government pension schemes contracts received by Northern Trust, including the $1.2bn London Borough of Wandsworth, the $65m Shetland Islands Council and the $2.2bn West Sussex County Council, as well as most recently the $5bn Lothian Pension Scheme.
Northern Trust said now it also provides securities lending services to close to 20% of all Local Government Pension Schemes clients in the UK and in 2010 increased to 50 the number of global markets in which it provides securities lending services.
Northern Trust senior sales and relationship manager for securities lending Mark Snowdon said that Northern Trust see san increasing demand from the local government pension schemes market for tailored securities lending solutions that combine a strong risk and control environment, excellent revenue performance and transparent reporting.
