The Pensions Trust, London, hired Northern Trust as the first sole...

The Pensions Trust, London, hired Northern Trust as the first sole global custodian for its £1.6 billion ($2.5 billion) fund, which provides pension benefits for 3,500 U.K. charities and voluntary organizations. RBS Trust Bank had provided custody on an interim basis for three specialist portfolios totaling just less than £500 million, while individual managers provided their own custody services. Richard Stroud, chief executive of The Pensions Trust, said a single global custodian will provide better reporting, accounting, reconciliations and compliance monitoring. Kohlberg & Associates was the consultant.