UK – The £365m (€534m) Lloyd’s Superannuation Fund has awarded an exclusive global custody and performance measurement brief to Northern Trust.

“Following the decision to diversify the management of the fund’s assets through the appointment of four differing managers, each with its specific class of assets and distinct mandate, we considered it appropriate to appoint a global custodian,” said the fund’s Bob Clark in a Northern Trust statement.

“We saw the benefits being a single point of reference for the security of our assets, consistent valuation of the fund’s assets and the independent measurement of the performance of the managers.”

The Fund was advised by Watson Wyatt.

Clark added Northern Trust’s online reporting tool allows the fund to have real time access to its portfolio.

According to ‘Pension Funds and their Advisers’, the incumbent custody providers were State Street and Schroders. Schroders declined to comment.

“UK pension funds are an important segment for Northern Trust and we are seeing more UK pension funds moving to global custodians for their custody and value added services arrangements,” said Jemma Broadgate, Northern’s director of UK asset servicing sales.

“In particular, more and more UK pension funds are coming to us with performance measurement briefs, driven by their increasing need to achieve increased accountability, transparency and profitability.”

Last month the fund - part of Lloyd’s of London - awarded an £185m (€271m) fixed income mandate to AEGON Asset Management UK.