Babcock International Group PLC, London, hired Northern Trust as global custodian for its four pension plans with a combined £2.1 billion ($3.3 billion) in assets, said Andrew Birkett, pensions manager.
“Previously, all four (pension plans) had their own custody arrangements and we wanted to bring them under one global custodian,” Mr. Birkett added.
Information on each plan’s previous custodian was not available at press time.
