UK - The East Riding of Yorkshire Council has awarded Northern Trust to provide custody services for its £2bn (nearly €3bn) pension fund.
The fund's assets are currently managed on an active basis by an in-house team and external manager, Schroders.
Northern Trust was appointed following a tender process beginning last May.
"We spoke to a number of local government schemes as part of the tender process," said scheme assistant portfolio manager, Paul Barnett.
Barnett told IPE last year that the fund previously didn't have an external custodian. He added that it was just the settlement process under review.