Northern Trust receives $1.2bn mandate from London Borough of Wandsworth

Northern Trust has been selected to provide global custody and investment accounting services to $1.2bn in pension fund assets for the London Borough of Wandsworth pension scheme, a Local Government Pension Scheme (LGPS).

This latest mandate in the LGPS sector follows Northern Trust’s appointment earlier this year to provide global custody and investment accounting services to approximately $2.61bn in pension fund assets for West Sussex Pension Fund.

Northern Trust also acts as custodian to the Strathclyde Pension Fund in the UK.

London Borough of Wandsworth pension fund controller Peter Harris said that the company appointed Northern Trust following a decision to consolidate all its asset servicing requirements into a single provider.

“Northern Trust has proven expertise in servicing UK pension funds, a comprehensive understanding of the LGPS market and a compelling service offering, helping us to manage our costs. All of these were key criteria in this appointment,” Harris said.