The £46bn Northern Pool set up by three local government pension funds has selected Northern Trust to provide a broad range of custodial and administration services.
These services include securities lending, private equity fund administration, compliance monitoring and carbon reporting.
The mandate was awarded following a competitive tender process supported by Thomas Murray.
It is the latest pool mandate for Northern Trust, which was selected in February to provide third-party administration and depositary services to the Border to Coast Pension Partnership.
The Northern Pool, which comprises Greater Manchester Pension Fund, West Yorkshire Pension Fund and Merseyside Pension Fund, is one of the biggest to emerge across the LGPS.
Out of the eight structures, the Northern Pool is the only one that is not intending to set up or rent an authorised contractual scheme.
Ian Greenwood, who was recently appointed to chair the pool, said: "We appointed Northern Trust based on their proven experience in the UK pensions market and their ability to offer us a range of holistic reporting, custody and alternative administration solutions, in accordance with the government's requirements of putting the highest and most expedient levels of regulation and asset safety at the heart of the Northern Pool.
"Their collaborative approach and willingness to support our evolving requirements with bespoke solutions were key factors in their appointment."
Northern Trust head of the institutional investor group, for the UK, Middle East and Africa James Wright, said: "We are excited to be working alongside them to deliver tailored solutions that match the scale of their ambitions."
PP has looked at the development and progress of the pools, which were due to be up and running by April.
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