Searches and Hires

London LGPS CIV taps Northern Trust for custody, administration

London LGPS CIV, London, hired Northern Trust as administrator and global custodian for part of its asset pool.

The local government pension scheme fund pool is responsible for a portion of the investments of 32 London LGPS funds representing a total £35 billion ($46 billion) in assets.

A spokesman for London CIV said the appointment relates to "investment structures that are not part of the current authorized contractual scheme," a tax-efficient collective investment vehicle, covering real assets, infrastructure and other assets that are more suited to a non-ACS investment platform. Northern Trust also provides support for the ACS arrangement.

The pool has £6.5 billion in assets under management.

A search was launched in February. The spokesman added that the appointment of Northern Trust allows London CIV to "offer a broader range of asset classes for London local authorities."