Northern Trust has been appointed to provide global custody services to $65m in council assets for the Shetland Islands Council.
This latest win complements £234m in assets Northern Trust already custodies for Shetland Pension Fund.
The Shetland Islands which lie 600 miles North of London comprise over 100 islands – 15 of which are inhabited. The Council is one of 32 local authorities across Scotland and serves a population of approximately 22 000 people.
Shetland Islands Council treasury accountant Colin Bain said council has developed a strong relationship with Northern Trust since it appointed them as custodian for the Pension Fund in 2002.
"Their ability to deliver tailored reporting that meets our requirements is of key importance to us and it made logical sense for us to extend our mandate to include our council assets," Bain said.