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.
By Shifa Rahman
Enhanced powers for The Pensions Regulator (TPR) to prosecute and fine company directors who "wilfully or recklessly" put their defined benefit (DB) pension scheme at risk will be hard to enforce, commentators say.
Melrose has pledged to contribute up to £1bn to GKN's pension schemes as part of a final offer to acquire the engineering business.
Existing master trusts will be forced to pay £41,000 when applying for authorisation under the upcoming regime, the government has confirmed.
UPDATE 2 - DWP publishes DB white paper: Stronger powers for TPR, DB chair statements to be introduced
The Pensions Regulator (TPR) will be given the power to fine company bosses who deliberately puts their defined benefit (DB) schemes at risk, the government has confirmed.