Border To Coast Pensions Partnership Limited Reappoints Northern Trust as its Asset Servicing Provider

Rhea-AI Summary

Northern Trust (NTRS) has been re-appointed by Border To Coast Pensions Partnership Limited to provide asset servicing solutions. Border To Coast is one of the largest pension pools in the UK, owned by 11 LGPS funds with £60bn investments. The partnership aims to pool investments of Partner Funds responsible for over 1.1 million LGPS members. Northern Trust's reappointment signifies a strong relationship and commitment to supporting growth over the next five years.

Insights

Financial Analyst

The reappointment of Northern Trust by Border To Coast Pensions Partnership is a significant indicator of the company's sustained service quality and client satisfaction. The extension of their contract to provide comprehensive asset servicing solutions is likely to contribute positively to Northern Trust's revenue stability and growth prospects. Asset servicing is a critical component of investment management, particularly for large pension funds, as it ensures the safekeeping, servicing and administration of assets.

Given the size of Border To Coast, with £60bn of investments, this partnership is substantial for Northern Trust. The company's ability to service innovative asset classes and deliver change while maintaining integrity is crucial in a competitive landscape where pension funds are increasingly looking for efficient and reliable asset management partners. This could potentially lead to more business opportunities within the LGPS sector, which is a key market segment for Northern Trust.

Furthermore, the mention of Northern Trust's Asset Owner business servicing clients with US$2.2 trillion in assets under custody highlights the company's significant market presence in EMEA. This reappointment may reassure investors of Northern Trust's position and expertise in the asset servicing industry, potentially influencing the company's stock market performance positively.

Market Research Analyst

The strategic partnership between Northern Trust and Border To Coast reflects broader industry trends where institutions are pooling resources to achieve economies of scale and enhanced investment returns. This collaborative approach is becoming increasingly prevalent in the pension sector, as it allows for cost reduction, improved risk management and access to a wider range of investment opportunities.

The reappointment also signals a trend towards long-term relationships and trust in the asset servicing sector. As pension funds like Border To Coast continue to grow and diversify their investments, they will likely seek service providers that can offer stability and adapt to their evolving needs. Northern Trust's focus on delivering client-centered solutions and its investment in technology and innovation may set a benchmark in the industry, influencing other service providers to follow suit.

For stakeholders, including pension fund members and contributing employers, the continuation of this partnership means potential for consistent fund performance and operational efficiency. The emphasis on integrity and service quality by Northern Trust could lead to enhanced member trust and satisfaction, which is essential for the reputation and sustainability of pension funds.

Pension Fund Advisor

The collaboration between Northern Trust and Border To Coast is indicative of the increasing complexity in the pension fund industry, where the management of a wide array of asset classes and the need for specialized services are becoming the norm. As a Pension Fund Advisor, it's clear that the ability to handle such complexities is a key differentiator in the selection of service providers.

Border To Coast's confidence in Northern Trust's ability to support their growth over the next five years is a testament to the latter's expertise in the field. This could encourage other pension funds to consider consolidating their asset servicing needs with a single provider that has a proven track record of innovation and high-quality service delivery.

This partnership also highlights the importance of strong governance and the role of depositary services in protecting the interests of pension scheme members. As the industry faces increased regulatory scrutiny, the demand for providers that can offer robust compliance and risk management solutions is likely to grow, potentially benefiting Northern Trust's market position.

LONDON--(BUSINESS WIRE)-- Northern Trust (Nasdaq: NTRS) today announced it has been re-appointed by Border To Coast Pensions Partnership Limited (Border To Coast) to provide a range of asset servicing solutions spanning fund administration, custody, brokerage, securities lending and depositary services.

Established as a regulated asset manager in 2018, Border To Coast has grown to be one of the largest pension pools in the United Kingdom. Owned by 11 Local Government Pension Scheme (LGPS) funds with £60bn of investments, the partnership was created to pool the investments of the Partner Funds which are collectively responsible for more than 1.1 million LGPS members.

Fiona Miller, Deputy Chief Executive Officer at Border To Coast Pensions Partnership Limited comments: “Northern Trust has been instrumental in supporting our growth through the extension of services into more innovative asset classes, and continues to deliver change whilst maintaining high integrity on daily delivery. Their reappointment is a reflection of the strong relationship we have built, and our confidence in their ability to support our growth over the next five years.”

“We are delighted to continue our collaborative relationship with Border To Coast,” said James Wright, Head of Asset Owners, Europe, Middle East and Africa (EMEA) at Northern Trust. “This reappointment underscores our unwavering commitment to the LGPS sector and the wider UK retirement industry. A leading provider in the sector, we specialise in delivering dynamic, client-centred solutions to support the evolving needs of our pension fund clients across their entire organisation.”

Northern Trust’s Asset Owner business provides custody services to over 370 clients with collectively US$2.2 trillion in assets under custody across EMEA, as of 31 December 2023. It is focused on supporting the evolving needs of institutional investors including pension funds, multinational corporations, insurance companies, non-for-profit organizations, central banks, sovereign wealth funds and other inter-governmental agencies.

About Border To Coast Pensions Partnership Limited

Based in Leeds, Border To Coast is one of the largest LGPS pools in the UK. It is owned by 11 local government pension schemes (‘Partner Funds’). The Partner Funds represent 2,700 employers and over a million members. The Partner Funds are Bedfordshire, Cumbria, Durham, East Riding, Lincolnshire, North Yorkshire, South Yorkshire, Surrey, Teesside, Tyne and Wear and Warwickshire. Our Partner Funds have £60bn in investments, of which Border To Coast is directly responsible for the management of £40.3bn (as of 31 March 2023). We also provide support and advice on a further £8.2bn, primarily invested in index funds, which sit outside of the pool. Border to Coast offers its 11 Partner Funds investment opportunities across equities, fixed income, private markets, and global real estate. UK real estate is under development.

Border To Coast Pensions Partnership Ltd is authorised and regulated by the Financial Conduct Authority. Registered in England Number: 10795539 and Registered Office: 5th Floor, Toronto Square, Toronto Street, Leeds, LS1 2HJ.

About Northern Trust

Northern Trust Corporation (Nasdaq: NTRS) is a leading provider of wealth management, asset servicing, asset management and banking to corporations, institutions, affluent families and individuals. Founded in Chicago in 1889, Northern Trust has a global presence with offices in 24 U.S. states and Washington, D.C., and across 22 locations in Canada, Europe, the Middle East and the Asia-Pacific region. As of December 31, 2023, Northern Trust had assets under custody/administration of US$15.4 trillion, and assets under management of US$1.4 trillion. For more than 130 years, Northern Trust has earned distinction as an industry leader for exceptional service, financial expertise, integrity and innovation. Visit us on northerntrust.com. Follow us on X (formerly Twitter) @NorthernTrust or Northern Trust Corporation on LinkedIn.

Northern Trust Corporation, Head Office: 50 South La Salle Street, Chicago, Illinois 60603 U.S.A., incorporated with limited liability in the U.S. Global legal and regulatory information can be found at https://www.northerntrust.com/terms-and-conditions

View source version on businesswire.com: https://www.businesswire.com/news/home/20240229023929/en/

Media Contacts



Europe, Middle East, Africa & Asia-Pacific:

Camilla Greene

+44 (0) 20 7982 2176

Camilla_Greene@ntrs.com



US & Canada:

John O’Connell

+1 312 444 2388

John_O’Connell@ntrs.com



http://www.northerntrust.com

Source: Northern Trust

FAQ

What is the ticker symbol for Northern Trust?

The ticker symbol for Northern Trust is NTRS.

Who has re-appointed Northern Trust?

Border To Coast Pensions Partnership Limited has re-appointed Northern Trust.

What services will Northern Trust provide to Border To Coast?

Northern Trust will provide a range of asset servicing solutions including fund administration, custody, brokerage, securities lending, and depositary services to Border To Coast.

How much assets under custody does Northern Trust have across EMEA?

Northern Trust has over US$2.2 trillion in assets under custody across EMEA as of 31 December 2023.

How many LGPS members are the Partner Funds collectively responsible for?

The Partner Funds are collectively responsible for more than 1.1 million LGPS members.