Nesta Trust, a London-based non-profit organization, hired Northern Trust as global custodian for its £345 million ($555 million) endowment, according to a Nesta official.
Custody services had been provided by the U.K. government's Her Majesty's Treasury because Nesta was considered a government agency — or what's referred to as a non-departmental public body. As of April 1, Nesta's status changed to an independent charity as part of broader nationwide reforms that seek to reduce the size of the government sector, according to the official.
The Nesta official was unable to provide further information.
