Lancashire County Council, Preston, England, hired Northern Trust as global custodian of £4.6 billion ($7.5 billion) in pension and treasury assets, according to Mike Jensen, the council’s head of treasury management and pension fund.
Northern Trust replaced BNY Mellon Asset Servicing. Mr. Jensen said the change followed a periodic review of custody services that coincided with a decision by fund executives to restructure the pension fund’s investment portfolio, which totaled about £4 billion.
Northern Trust will also provide related services including transition management, securities lending and investment risk analytics.
Specialist custody consultant firm Thomas Murray advised.
