The UK-based financial group National Australia Group Europe and Anglian Water have made Northern Trust global custodian to their pensions assets.
National Australia Group (NAG) pensions common investment fund comprises pensions assets of Clydesdale Bank, Northern Bank, Yorkshire Bank and the National Australia Bank UK and amounts to £1.4bn ($2.2bn).
Neil Barrell manager of group pensions at NAG says the step will enable better quality information to be provided to trustees and members. Besides the core custody services, the fund is also making use of the portfolio performance measurement tools.
The £375m Anglian Water pension scheme passed its assets to the custodian in October, but held off making the announcement until last month. Ian Barrett, secretary to the trustees, says: Their work to date supports our decision." He adds: "The trustees saw some very good candidates." In addition to custody, the bank is providing its on-line compliance portfolio monitoring to Anglian."