US - The Pension Boards United Church of Christ has tapped Northern Trust as global custodian for its US$2.4bn pension plan.
Northern Trust will provide custody, treasury management, benefit payment and investment, risk and analytical services to the fund.
President and chief executive officer of the Pension Boards Michael Downs said: "Northern Trust demonstrated an understanding of our needs as a Church plan and showed creativity, responsiveness and energy in accelerating the Pension Boards' knowledge of their platform and service capabilities. Their people, business culture and single, global technology architecture were major factors in our decision."
The Pension Boards invests $182.2m in stable value investments, $170.4m in short-term investments and $989.6m in fixed income investments, according to their 2008 annual report. The scheme also invests over $1bn in equities and $40.5m in other investments, including private equity.
This week's edition of Professional Pensions is out now.
The government is in talks with the UK and Irish pensions regulators over how to protect members of cross-border schemes in the event of a no-deal Brexit.
The equalisation of guaranteed minimum pensions (GMPs) is at least two years away from being completed, and could take longer than four years for some schemes, a poll has found.
The Pensions Regulator will consider if schemes should be required to have professional trustees and assess the case for greater regulation of administrators and system providers, PP can reveal.