Mandate roundup: PPF, Northern Trust, BlackRock, Morgan Pension Scheme
The Pension Protection Fund (PPF) has appointed Northern Trust to provide global custody, securities lending, collateral management and performance-measurement services for its £20bn (€27.8bn) in pension assets.
Andy McKinnon, CFO at the PPF, said the lifeboat scheme appointed Northern Trust based on its “proven expertise in supporting some of the most advanced pension funds in the UK and Continental Europe”.
“As our assets continue to grow,” McKinnon added, “we look forward to working with Northern Trust as they deliver innovative solutions to support our evolving requirements.”
In other news, the trustees of Morgan Advanced Materials’ pension schemes – comprising the Morgan Pension Scheme and Morgan Group Senior Staff Pension and Life Assurance schemes – have appointed BlackRock as fiduciary manager for their combined assets of around £200m.
BlackRock will be responsible for the design and implementation of the schemes’ overall investment strategy.
An active approach to tactical asset allocation will be adopted, with the schemes’ funds invested in a range of asset classes and strategies including equity, credit, real estate, and diversified growth.