Northern Trust was awarded custody of the Equitable Life Assurance Society and University Life Assurance Society's £17bn UK equity and gilt portfolios.
Northern Trust will provide a range of custody and related services to Equitable and its subsidiary University Life Assurance Society, including Northern Trust Passport online services. Northern Trust has been custodian for Equitable’s non-UK assets since 1993.
The UK assets transitioned to Northern Trust early last month. Equitable announced yesterday it will reduce final bonuses on with-profits from pension policies by 16% of the policy value, as part of an exercise to put the company on a more stable footing.
By Janet Du Chenne
Former BHS owner Dominic Chappell has lost the appeal against his section 72 conviction and sentence for failing to hand over information to The Pensions Regulator (TPR).
This week's top stories include Marsh and McLennan Companies agreeing to buy JLT, and the home secretary calling for AE to be scrapped in a no-deal Brexit scenario.
Lesley Titcomb says the watchdog wants closer interactions with pension funds to spot problems sooner and act before having to use its more stringent powers
The Pension Protection Fund (PPF) is consulting on proposals to charge a "risk reflective" levy for commercial defined benefit (DB) consolidation vehicles.