UK - Northern Trust has been appointed global custodian of the £900m Dundee City Council Superannuation Fund.
The fund’s custody services were previously handled by The Bank of New York, Deutsche Bank and Schroder Investment Management. Hymans Robertson advised on the appointment which took place shortly before Christmas.
The scheme will also decide next month whether to tender an unspecified amount of its assets in a move away from balanced to specialist management. Hymans Robertson is advising on the process.
By Luke Clancy
The Pensions Regulator (TPR) has granted 11 master trusts extensions to apply for authorisation, as it confirms it has received 22 applications ahead of the 31 March deadline.
Aegon Master Trust, Fidelity Master Trust and Ensign have sent off their authorisation applications to The Pensions Regulator (TPR).
Self-administered pension funds spent £15bn on payments to pensioners in Q4 2018, but received just £12bn in contributions (net of refunds), Office for National Statistics (ONS) data reveals.
Aberdeen Standard Investments (ASI) and Gresham House are to team up to form a joint venture.