Extended services to include investment risk and analytics as well as record keeping for private equity and infrastructure funds

Northern Trust has been reappointed for a £1.5 billion (approximately US$2.4 billion) mandate to provide global custody, securities lending, cash and foreign exchange services for Superannuation Arrangements of University of London (SAUL).

SAUL, one of the most recognised names in the UK pensions industry, has been a Northern Trust client since 2003. As part of the reappointment Northern Trust will act as master record keeper for private equity and infrastructure funds and has also extended its services to include investment risk and analytics (IRAS) across the portfolio.

“We were looking for a provider who could demonstrate an understanding of SAUL’s needs and strategy whilst being able to help us meet our future objectives of reducing administration costs, improving internal governance and maximising investment returns,” said Penny Green, Chief Executive, Managing Director, SAUL Trustee Company. “Following our strategic review, we were delighted to continue our long standing relationship with Northern Trust whose level of service is best matched to suit our long term objectives.”

“We are very pleased that Northern Trust has been successful in retaining SAUL as a client,” said Douglas Gee, head of sales for Institutional Investor Group UK and Ireland, at Northern Trust. “Northern Trust has a long track record in serving pension fund clients across the globe and understood SAUL’s unique requirements and the particular challenges affecting UK pension funds.”

The retention and expansion of this mandate follows a series of wins for Northern Trust in the UK pensions sector. These include the £4.6 billion (US$7.5 billion) Lancashire County Pension Fund, the £739 million (US$1.2 billion) Dyfed Pension Scheme; and the £3.1 billion (US$4.9 billion) Lothian Pension Scheme.

“We have a dedicated team of relationship managers servicing the needs of our UK non-corporate pension scheme clients,” said Ray Bloom, head of relationship management. “This group works closely with Northern Trust’s Retirement Solutions Practice to provide a wide range of services and solutions to help institutional investors such as SAUL manage their pension funds to make them more efficient and ultimately more viable for the future,” he added.