UK - Global custodian Northern Trust claims it now has 20% of the UK's local authority market.
A significant number of these mandates were clinched last year, including custody of the £930m Dundee County Council and the £430m Haringey Pension Fund, reported exclusively on IPN.
Northern Trust said its success in the global custodian market was is in the unique investment accounting service if offers. Vice-president and head of UK business development Jeremy Hester said: “The service prevents the requirement for the county council to add figures to their own spreadsheet.”
Hester said that the core issue for Haringey was an understanding of best-value initiatives and how the chosen custodian might achieve this for the fund.
The £420m Northumberland County Council Pension fund appointed Northern Trust in January this year when Bank of New York and Schroder Investment Management were dropped.
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