Northern Ireland Local Government Officers' Superannuation Committee hired Northern Trust to provide global custody and other services to the Local Government Pension Scheme Northern Ireland, Belfast, said David Murphy, CEO at NILGOSC.
A NILGOSC management committee meeting document dated Jan. 24 said the hire was effective March 1, for a five-year period. There is also an option for a 2-year extension.
Northern Trust was the highest-scoring candidate in a procurement process, the £6.7 billion ($8 billion) pension fund said in the document. The pension fund's previous custodian was HSBC. Mr. Murphy said that contract expired, and Northern Trust was selected following the procurement process, choosing it from a set of global custodians provided by the National LGPS Frameworks.
Northern Trust will provide global custody, accounting, securities lending, performance measurement and foreign-exchange services for the pension plan.
NILGOSC administers the pension fund.