The National Trust, Swindon, England, hired Northern Trust as global custodian, said Paul Maguire, assistant director, treasury and fund management, at the £881 million ($1.4 billion) charitable trust.
Each of the trust’s three money managers — J.P. Morgan Asset Management, Newton Investment Management and BlackRock — had their own custodians, but with the expected appointment of Longview Partners as a global equity manager, trust officials decided to move to a single custodian appointed by them, rather than add another custodian chosen by the new manager, Mr. Maguire said.
The previous custodians were J.P. Morgan for J.P. Morgan AM and BNY Mellon Asset Servicing for Newton and BlackRock.
Another reason for the move was that trust officials wanted to get aggregate reporting across the investment portfolio, Mr. Maguire said.
J.P. Morgan runs U.K. equity and international property mandates for the foundation, while Newton and BlackRock run absolute-return mandates. Mr. Maguire did not have exact information on mandate sizes, but said the portfolio generally is evenly split among the four managers.