UK - Northern Trust today announced it had been awarded a £2bn (€1.5bn) global custody mandate by Babcock International Group.

The mandate, for global custody, transition management, investment accounting and performance measurement services for four pension funds, was awarded to Northern Trust after what Andrew Birkett, Babcock group pensions manager, called a competitive tendering process.

"We wanted an asset servicing partner to help us with the next stage of our evolution as we look to consolidate our investment accounting and reporting strategy across all four Babcock pension schemes," he said.

Douglas Gee, UK business development manager for asset servicing at Northern Trust, said they was delighted to be appointed by what he called a leading name in the pensions market.

Gee added: "We increasingly see clients looking for advanced asset reporting capabilities in addition to core global custody services."