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Northern Trust Appointed Custodian for Illinois Firefighters’ Pension Investment Fund
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Northern Trust (Nasdaq: NTRS) announced its selection by the Illinois Firefighters’ Pension Investment Fund (FPIF) to provide custody services for approximately $8 billion in assets. This transition involves consolidating assets from around 300 firefighter pension funds in suburban Chicago and downstate Illinois. Over a 10-month period, Northern Trust executed the transition of assets from 36 custodians, ensuring adherence to FPIF's timeline. The partnership aims to enhance financial security for firefighters, as emphasized by both Northern Trust and FPIF's leadership. Northern Trust has a long-standing reputation in wealth and asset management since its founding in 1889.
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Selected to manage custody services for $8 billion in assets from 300 firefighter pension funds.
Successfully transitioned assets from 36 different custodians, showcasing operational efficiency.
Partnership enhances financial security for first responders, aligning with corporate responsibility.
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Northern Trust Transition Management team managed transition of $8 billion in assets for the newly consolidated Illinois FPIF
CHICAGO--(BUSINESS WIRE)--
Northern Trust (Nasdaq: NTRS) announced today its selection by the Illinois Firefighters’ Pension Investment Fund (FPIF) to provide custody services for the combined pension assets of approximately 300 firefighter pension funds across suburban Chicago and downstate Illinois.
Created by the Illinois Pension Code in 2019, the FPIF is responsible for consolidating, managing and investing the assets of municipal and fire protection district pension funds across Illinois. A nine-member Board of Trustees – made up of four active firefighters, one retired firefighter and four employee representatives – governs the fund.
“We are proud to have been selected as custodian for the FPIF, a fund that is committed to providing financial security and adding value for first responders who have risked their lives for the safety of Illinois residents,” said Pete Cherecwich, President of Asset Servicing at Northern Trust. “Northern Trust meets the custodial and transition management needs of public pension fund clients with dynamic, multi-faceted solutions.”
In order to consolidate assets from approximately 300 member funds, Northern Trust employed its global Transition Management model to track and report on each stage of the process. Northern Trust transitioned a variety of assets from 36 different custodians with a market value of more than $8 billion over a 10-month period, adhering to the timeline defined by FPIF’s requirements. During the process, FPIF collaborated closely with Northern Trust transition managers across the globe, ensuring regional expertise and 24 hours a day, six days a week client service throughout the restructuring.
“Our team used robust project management to design a customized solution for FPIF’s unique portfolio,” said Amanda Williams, North America Regional Practice Lead for Transition Management at Northern Trust. “With our experience and expertise, Northern Trust Transition Management can help institutional asset owners and managers navigate large and complex changes to portfolios with ease and confidence.”
“One of the critical duties of any fiduciary board is to safeguard and harbor the assets entrusted to its care,” said FPIF Executive Director William Atwood. “The custodial relationship is the foundation for those protections.”
“FPIF spent months in preparation before executing an exhaustive selection process,” Atwood continued. “Out of that process, which included the world’s premier custodial firms, FPIF determined that Northern Trust was the ideal organization with which to partner. We are optimistic about a continued and long-lived relationship with this significant Illinois-based financial institution.”
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 25 U.S. states and Washington, D.C., and across 23 locations in Canada, Europe, the Middle East and the Asia-Pacific region. As of December 31, 2022, Northern Trust had assets under custody/administration of US$13.6 trillion, and assets under management of US$1.2 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 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.
What is the significance of Northern Trust managing $8 billion in assets for FPIF?
Managing $8 billion in assets for FPIF signifies Northern Trust's expertise in providing comprehensive custodial services, reinforcing its position in the market.
How many pension funds does Northern Trust serve under the FPIF?
Northern Trust serves approximately 300 firefighter pension funds under the Illinois Firefighters’ Pension Investment Fund.
What are the key services provided by Northern Trust to FPIF?
Northern Trust provides custody services and transition management, ensuring efficient asset consolidation and management for FPIF.
What timeframe was involved in the asset transition for FPIF?
The asset transition for FPIF took place over a 10-month period.
How does this partnership impact the financial security of firefighters?
This partnership is aimed at enhancing financial security for firefighters by effectively managing their pension assets.
