Northern Ireland Local Government Officers’ Superannuation Committee (NILGOSC) has hired Northern Trust to perform several services for its £6.7bn pension fund.
Under the mandate, Northern Trust will provide global custody, accounting and securities lending for Northern Ireland’s local government retirement scheme.
It will also measure the fund’s performance and handle foreign exchange issues.
NILGOSC chief executive David Murphy said Northern Trust was selected for its focus on the local government pension market.
In the past four years the wealth and asset management servicing specialist has worked for 36 pension funds with around $158bn of assets under management.
Northern Trust head of institutional for the UK and Ireland James Wright said his team will use its expertise and experience to help the client meet compliance, governance and transparency demands.
Wright added that the pensions landscape is continually evolving and so his team is ready to meet its clients’ changing needs.
This is the thirteenth mandate Northern Trust has won from local government pension schemes. It supports 43% of funds in this area of the market as well as more than a third (35%) of the UK’s top pension schemes.
