UK - The £3.6bn (€5.4bn) Pensions Trust has re-appointed Northern Trust as its global custodian.
"We have been very pleased with Northern Trust's client service and global technology platform, and our due diligence has confirmed this positive view," said Richard Stroud, outgoing chief executive of The Pensions Trust.
"Northern Trust supports the fund's evolving investment strategies on a global basis, and its highly competent service team demonstrates a true understanding of our needs as a mutual organisation serving multiple employers and the employees, pensioners and deferred members who belong to these schemes."
Stroud had announced earlier this year that he will retire as CEO in April 2007 after more than 25 years in this position.
He will continue to support the Trust on a consultancy basis for the following three years. Stephen Nichols, currently Deputy Chief Executive, will take over as CEO.
Northern Trust's mandate with the Pensions Trust comprises global custody, investment accounting, unitisation, performance measurement, compliance analysis and securities lending. The custodian was first appointed in 1999.
As of September 30, 2006, Northern Trust had assets under custody of $3.3trn (€2.5trn), and assets under investment management of $667bn.