UK – The ScottishPower 1.6 billion pound (2.3 billion euros) pension scheme has appointed Northern Trust as its global custodian.

ScottishPower, advised by Hewitt Bacon and Woodrow, undertook a review of its investment arrangements in early 2002, and consequently reconsidered its requirements for custody services.

According to International Pension Funds and their Advisors 2002, State Street was previously custodian for the fund.

Commenting on the appointment, Paul Mulhern, pensions manager at ScottishPower, said that: “Northern Trust scored well in a number of key areas when shortlisted. This included industry commitment, technological edge, sub-custodial network, fund manager relationships, pricing, quality of reporting, cash management and regulatory control.”

Northern Trust has 1.6 trillion dollars (1.35 trillion euros) in assets under custody worldwide.