UK – The London Borough of Lewisham has appointed Northern Trust to provide custody and performance measurement for its 505 million pound (760 million-euro) pension fund.

“We are committed to providing the highest standards of service and delivery to our members and co-providers, whilst maintaining careful control on costs,” said Rob Whiteman, head of resources at the London borough.

“We chose Northern Trust because in our opinion they best understand our needs and provide the most innovative and cost-effective solutions to meet our long-term requirements.”

Northern Trust said Hymans Robertson advised the scheme.

“Together we will build on Lewisham’s reputation for setting the highest standards in public service pension scheme management in the UK,” said Jemma Broadgate, vice president of UK business development at Northern Trust.

The assets were previously held with the scheme’s investment managers and were transitioned in April.

Northern Trust said Lewisham is its 28th local government pension client in the UK.