UK - The Hampshire County Council pension fund has appointed Northern Trust as its first global custodian.
The £2.8bn fund chose Northern Trust to provide custody, performance measurement and securities lending services for the whole of the fund.
The fund also appointed Northern Trust Global Investments (NTGI), Northern Trust’s asset management arm, as its transition manager.
NTGI completed the fund’s transition from a balanced to a specialist approach – a move carried out following a review of the structure of the fund.
A spokesperson said all the fund’s managers, except property manager Cordea Savills, were retained following the restructure.
PTL has appointed Karein Davie as a client director in its Birmingham office.
The level of interest rate hedging increased to £29.5bn of liabilities in the second quarter as pension funds continued to de-risk, according to BMO Global Asset Management's research.
UK inflation has risen for the first time since November to 2.5% in July, up from 2.4% in June, thanks to rising fuel costs and the price of computer games.
The number of DB pension scheme trustees targeting a buyout with an insurer has increased significantly in the past five years, latest research from Willis Towers Watson shows.