Devon County Council has appointed Northern Trust to manage its £3bn pension fund.
Northern Trust will provide global custody and securities lending for the council’s pension fund assets, helping to maximise its investment portfolio.
Mark Gayler, assistant county treasurer at Devon County Council, said: ‘Northern Trust’s ability to provide high-quality tailored solutions to meet our specific requirements, combined with their leading expertise across the local government pension scheme (LGPS) sector, were key factors in their appointment.
‘In addition, Northern Trust's strong securities lending capabilities supported our objectives to maximize our investment portfolio.’
The appointment was made using the Local Government Pension Scheme Global Custodian Framework.
Robert Frazer, head of Institutional Investor Group for the UK, at Northern Trust, said: ‘Particularly amid talks of consolidation and discussion to improve efficiencies, we see an increasing demand from pension funds for informed guidance.
‘Whether clients are looking for Common Investment Funds or tax efficient vehicles, such as the Authorised Contractual Scheme, which we played a key role in launching alongside the HMS and the IMA, we can work with our LGPS clients to support their objectives.’
