Sterling Strathclyde re-appoints Northern Trust pension fund custodian

Source: Northern Trust

Northern Trust has been re-appointed custodian to the GB 10 billion pounds Sterling Strathclyde Pension Fund ("Strathclyde", "the Fund") - the largest local government pension fund in the United Kingdom - following a competitive tender.

Northern Trust has been Strathclyde's custodian for 10 years, and will continue to provide custody, securities lending, cash management and foreign exchange services to the Fund.

Richard McIndoe, Head of Pensions at Strathclyde, said, "We are delighted to have re-appointed Northern Trust as our global custodian. Northern Trust has provided an excellent service to us for the last 10 years. In the course of a very competitive tendering exercise, they have again demonstrated the strength of their core business values, their continuing commitment to the Local Government sector, and their ongoing ability to innovate and enhance service and technology. We now look forward to a further period of working together."

Biff Bowman, Business Executive for Europe Middle East and Africa (EMEA) at Northern Trust said, "Strathclyde is a highly influential local government pension fund and we are delighted to be able to continue to extend our working relationship with them. Strathclyde's investment strategy and, therefore, asset servicing requirements, are constantly evolving and we have proven through a track record of 10 years of working together that our people, our technology and our capabilities are able to meet their needs now, and as they continue to evolve in future."

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