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
The registration deadline for the Workplace Savings & Benefits Awards 2019 is today.
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The Pensions Regulator (TPR) has granted Now Pensions a six-week extension for its master trust authorisation application after the 31 March deadline, PP can reveal.