UK - Northern Trust has retained its global custody, securities lending, cash management and performance monitoring brief at Strathclyde Pension Fund for another five-year term.
Strathclyde’s head of pensions Richard McIndoe said the reappointment was based on Northern Trust’s proven client service model and its “technical and product leadership”.
This will be Northern Trust’s second five-year contract as global custodian to the fund which, with 152,000 members, is one of the largest local authority schemes in the UK.
Northern Trust senior vice-president Paul Cutts commented: “The selection to retain Northern Trust by Strathclyde is a great endorsement of our growing business relationship.”
• The £5.2bn Strathclyde Pension Scheme is considering increasing its employer contributions from 13.2% to 15%, despite holding a surplus.
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