London LGPS CIV, London, hired Northern Trust as administrator and global custodian for part of its asset pool.
The local government pension scheme fund pool is responsible for a portion of the investments of 32 London LGPS funds representing a total £35 billion ($46 billion) in assets.
A spokesman for London CIV said the appointment relates to "investment structures that are not part of the current authorized contractual scheme," a tax-efficient collective investment vehicle, covering real assets, infrastructure and other assets that are more suited to a non-ACS investment platform. Northern Trust also provides support for the ACS arrangement.
The pool has £6.5 billion in assets under management.
A search was launched in February. The spokesman added that the appointment of Northern Trust allows London CIV to "offer a broader range of asset classes for London local authorities."
