Northern scoops £1.2bn in charity fund custody
UK – The country’s biggest manager of charitable fund assets, CCLA Investment Management, has appointed Northern Trust to provide global custody to eight of its funds with a total asset value of £1.2bn (e1.9bn).
Included in the contract are related securities services, cash management and reporting.
“ We were impressed with what the industry has to offer generally but feel that Northern Trust has the ability to provide exactly what we want when we want it,” says Andrew Gibbs, managing director at CCLA.
The formal search had been narrowed to three providers before the decision to appoint Northern Trust was made. CCLA managed the review of custodians internally.
"Our client servicing culture, fund manager expertise and passport information system capabilities were some of the key reasons for CCLA’s selection of Northern Trust,” comments Jeremy Hester, vice president, and head of UK business development, Northern Trust London.
CCLA manages around £6.3bn in total for UK churches, charities and local authorities, investing through large collective investment and deposit funds.