Northern Trust has clinched two significant new global custody mandates, winning both the custody for the £1.6bn ($2.7bn) UK Environment Agency fund and the £1.2bn UK BOC industrial group scheme.

The Environment Agency mandate covers four out of the five managers at the scheme and Sue Timbrell, head of pensions at the agency, says: On balance, we felt that Northern Trust offered the best value solution for the custody business."

At BOC, appointing a global custodian for the first time, Northern Trust will provide core custody plus on-line reporting and fund accounting.

Other recent public sector appointments for the bank include Bedfordshire County Council and Cardiff & Vale of Glamorgan Council.

Jeremy Hester, vice president of corporate and institutional services for Northern Trust, says: "The appointments are a further endorsement of our expertise in the pension fund sector.""

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