Searches and Hires

Lancashire County Council sticks with Northern Trust as custodian

Lancashire County Council Pension Fund, Preston, England rehired Northern Trust as global custodian.

The 7.2 billion ($10.1 billion) local government pension scheme fund launched a search in December for a custodian to provide services including safekeeping of assets, trade settlements, tax reclaims, cash management and investment accounting.

A notice on procurement website Tenders Electronic Daily said the pension fund had hired Northern Trust for the contract. The pension fund's latest annual report said Northern Trust was the incumbent.

The contract began April 1 and runs to March 31, 2021. There is also an option to extend the contract for a further three years.

Procurement executives at the council could not be reached for comment by press time.